Lachlan Murdoch

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Lachlan Murdoch
Lachlan Murdoch in May 2013.jpg
Born Lachlan Keith Murdoch
(1971-09-08) 8 September 1971 (age 43)
London, England, United Kingdom
Spouse(s) Sarah Murdoch (1999-present)
Parents Rupert Murdoch
Anna Murdoch Mann

Lachlan Keith Murdoch (born 8 September 1971) is a British-Australian media heir and businessman. He is currently the Executive Chairman of Nova Entertainment, Non-Executive Co-Chairman of News Corp and 21st Century Fox and founder of Australian investment company Illyria Pty Ltd.

Biography[edit]

Early life and education[edit]

Lachlan Murdoch was born on September 8, 1971 in London, UK. He is the eldest son of Australian-American media mogul Rupert Murdoch and his second wife Scottish journalist and author Anna Murdoch Mann. He was raised in a wealthy New York City neighbourhood where his father owned the New York Post. He received his education at the exclusive Aspen Country Day School in Aspen, Colorado (U.S.), Trinity School in New York City as well as at the Phillips Academy in Andover, Massachusetts (U.S.). He received his Bachelor of Arts degree from Princeton University in 1994.

Career[edit]

In 1989, Rupert Murdoch brought Lachlan Murdoch, then 18 years old, to Australia while on business, to have Lachlan trained for three months at the Daily Mirror. At the age of 22, Murdoch was appointed general manager of Queensland Newspapers, which publishes The Courier-Mail in Brisbane.[citation needed] One year later, he became publisher of Australia’s first national paper, The Australian. In 1995 he was appointed Deputy CEO of News Limited, Executive Director of News Corporation in 1996, Deputy Chief Operating Officer in 2000; he was made Senior Executive Vice President from 1999 to 2000, and has been Chairman of STAR since 1995.

Murdoch was extensively criticised for encouraging News Corporation's multi-hundred million-dollar investment in One.Tel,[1] which lost the empire millions of dollars. Murdoch was encouraged to invest in One.Tel by his friend Australian businessman James Packer, the son of television network owner Kerry Packer. Murdoch has subsequently been credited with personally driving an initial $10.75 million investment, of which only $2.25 million was in cash, in REA Group, and subsequently championing the retention of the investment over the objections of those who wished to sell it, with the company later emerging as Australia's market leader in online real estate advertising, now worth more than $3.6 billion to News Corp.[2]

Murdoch has a strong personal interest in Australian rugby league. On 30 March 1995, Murdoch was at the first Super League meeting in the Atanaskovic Hartnell offices in Sydney. He and former Brisbane Broncos chief John Ribot signed up leading Bulldogs players on documents which were not legally effective. Murdoch has been the Broncos' number one ticket holder.[3]

For the year 2001, Murdoch earned a salary of A$2.59 million.[4] In June 2005, Murdoch received the Press & Outdoor Advertising "Media Person of The Year" award in Cannes.[5] Murdoch is one of the founding patrons (along with Anthony Pratt, Peter Lowy and Lisa Fox) of an organisation called "Advance", formerly known as "YAPA" (Young Australian Professionals in America).[6]

After his resignation, Roger Ailes, the chairman of Fox News Channel, was named chairman of News Corp's group of television stations. The abrupt and unexplained departure of the 33-year-old Murdoch apparently dashed News Corp. Chief Executive Rupert Murdoch's hopes that his son would one day take over as CEO of the global media empire, which includes the Twentieth Century Fox movie studio, the Fox television network, several satellite broadcasters, and newspapers in Britain, Australia, and the United States.

In the weeks after his resignation, however, he began a new venture, lodging applications to set up a new Australian company called Illyria Pty Ltd, in which he acts as sole director and secretary.

On 21 January 2008, Murdoch and James Packer announced that their companies, Illyria Pty Ltd and Consolidated Press Holdings would seek to privatise Consolidated Media Holdings which owns holdings in the Nine Network, Foxtel and Australian Consolidated Press.[7]

On 24 January 2008 Murdoch, along with Manoj Badale and Suresh Chellaram under the banner of Emerging Media successfully bid for the Rajasthan Royals franchise in the inaugural Indian Premier League for US$67 million.[citation needed]

In November 2009, Illyria purchased 50% of Nova Entertainment and Lachlan Murdoch became Chairman. In September 2012 Illyria moved to 100% ownership by acquiring the balance of shares it did not own.[8] Nova operates the NOVA radio stations in every mainland capital, Star FM in Gosford, and talk radio station FIVEaa in Adelaide.

In 2010, after James Packer bought a large number of shares in Network Ten, Murdoch approached Packer to buy some of his shares, causing Ten to offer both men seats on their board, an offer which both Murdoch and Packer accepted.[9] In February 2011, Murdoch was appointed acting CEO of Ten Network Holdings after the company's board terminated the contract of CEO Grant Blackley.[10] The following month Packer unexpectedly resigned from the Ten board.[11]

In February 2012, the Ten board appointed Murdoch non-executive chairman of Ten Network Holdings.[12] Although the network was already in some financial difficulties before Murdoch became CEO, by late 2012 he had lost $110 million of the original $150 million he had invested since 2010. The share price had fallen by about 80% and network profits had dropped by over half. 160 people had also lost their jobs at the network. The problems were mainly attributed to falling advertising revenues and restructuring at the network which Murdoch had overseen. The program MasterChef was also repurchased from the Murdoch family’s Shine production company at three times its original cost.[13]

On 26 March 2014 Lachlan Murdoch retired as Chairman and a Director of Ten Network Holdings to join News Corp and 21st Century Fox as Non-Executive Co-Chairman, and Hamish McLennan was appointed Executive Chairman of Ten Network Holdings. [14]

Personal life[edit]

Murdoch married British-born Australian model/actress Sarah O'Hare in 1999. They have two sons, Kalan Alexander, born on 9 November 2004, and Aidan Patrick, born on 6 May 2006.[15] On 12 April 2010, the couple had their third child, and first daughter, Aerin Elisabeth, named for his sister and grandmother.[16]

Prior to 2003, Murdoch and Sarah were owners of "Berthong", a house in Elizabeth Bay, Sydney, which was subsequently bought by Russell Crowe.[17] In November, 2009, Murdoch bought a mansion formerly owned by the French consulate at 93 Victoria Road, Bellevue Hill, New South Wales for $23 million.

From time to time, Murdoch and Sarah host fundraising dinners for the charity Murdoch Children's Research Institute.[18]

Medical development[edit]

Murdoch has pursued a keen interest in medical development following his work on HIV/AIDS. Murdoch reportedly indirectly owns a stake in Australian biotech company Fermiscan following wife Sarah's breast cancer advocacy work and has a number of medical development projects under way.[citation needed]

Speeches[edit]

References[edit]

  1. ^ Luckhurst, Tim. "So where does Rupert Murdoch go from here?" The Independent on Sunday. 31 July 2005. Retrieved on 10 April 2010.
  2. ^ realetate.com.au investment. "How Lachlan Murdoch turned $10 million into more than $3 billion" Big News Network. 5 February 2014. Retrieved on 13 February 2014.
  3. ^ "Lachlan's legacy: $560m lost on Super League." The Australian Financial Review. 5 August 2005. Posted at www.souths.com.au. Retrieved from Internet Archive on 14 March 2006.
  4. ^ "Rappers, Fulon Gong and lots of questions." Crikey.com.au 7 October 2001. Retrieved from Internet Archive on 26 May 2005.
  5. ^ "Lachlan Murdoch heckled in Cannes." The Sydney Morning Herald blogs Retrieved from SMH.com.au on 23 June 2005.
  6. ^ Speech for 2005 Advance benefit by The Hon. Consul General Ken Allen Am at Cipriani, Wall Street. Posted at AutraliaNYC.org. Retrieved from Internet Archive on 24 August 2006.
  7. ^ "Murdoch junior to seize control of old Packer empire." Scopical.com.au 21 January 2008. Retrieved on 17 March 2008.
  8. ^ DMG Radio purchase. "About DMG" DMG Radio Australia. Retrieved on 13 February 2014.
  9. ^ "Packer, Murdoch accept seats on Ten board." abc.net.au 9 November 2010. Retrieved on 9 November 2010.
  10. ^ Janda, Michael: Lachlan Murdoch appointed acting Ten CEO, ABC News, 23 February 2011
  11. ^ Packer resignation from Ten. "James Packer quits Ten board" The Advertiser. 3 March 2011. Retrieved on 13 February 2014.
  12. ^ Ten Appoints New Chairman, Ten Network Holdings, 10 February 2012.
  13. ^ Barry, Paul Thanks to Lachlan, Ten ripe for the picking Crikey.com 15/11/2012 accessed 20/11/2012
  14. ^ Network TEN. "404". TenPlay - 404. Retrieved 23 October 2014. 
  15. ^ "Murdochs welcome their second son" – Heraldsun.news.com.au 7 May 2006. Retrieved 11 March 2008.
  16. ^ Sarah & Lachlan Murdoch's New Baby: Aerin Elisabeth Murdoch. Theage.com.au (2010-04-13). Retrieved on 2013-12-23.
  17. ^ Sams, Christine. "On the move with Russell and Danielle." The Sun-Herald. 1 June 2003. Retrieved from Smh.com.au on 11 March 2008.
  18. ^ Our Ambassador Sarah Murdoch and the Development Board – MCRI.edu.au Retrieved from Internet Archive on 17 September 2006.

This article contains content from the defunct wiki, HierarchyPedia, used here under the GNU Free Documentation License

Further reading[edit]

  • Wendy Goldman Rohm Murdoch Mission (2002). Interviews with various Murdoch family members
  • Neil Chenoweth Virtual Murdoch (2001). Mainly about Rupert Murdoch
  • Paul Barry, Rich Kids, Bantam Books, 2002, ISBN 1-86325-338-6
  • Kirkpatrick, David, "Murdoch Gets a Jewel. Who'll Get His Crown?" New York Times, 28 December 2003.
  • Milliken, Robert, "Lachlan Murdoch; Heir to the Sun and Sky," The Independent (London), 7 May 1995.
  • Pappu, Sridhar, "Lachlan Murdoch, Spiky Punk Heir Right for Post?" New York Observer, 24 November 2003.
  • Salamon, Julie, "Television: An American Story; A Family That Tried to Be Both Rich and Good," New York Times, 1 October 2000.
  • Neil Chenoweth, The Australian Financial Review, 5 August 2005, on Lachlan's involvement in Australian Super League shenanigans.

External links[edit]

Decision to leave News Corporation