Name: Lachlan Murdoch
Date of Birth: 08.09.1971
Education:Bachelor of Philosophy (PhB)
Type of Business:Media and Television
Main Achievements:British businessman, investor, and media manager. He was the recipient of the award, “Media Person of the Year,” in 2005, and earned a salary of $2.59 million in a single year (2001). March 2019 onwards, Murdoch became the CEO of Fox Corp. He has a net worth of $3.62 billion as of December 2019.
Somethinginteresting about the person:Murdoch owned a house in eastern Sydney, which he sold to a famous actor and producer, Russel Crowe, in 2003 for $28 million.
Biography:Lachlan Murdoch was born in London, England as the eldest son to media tycoon Rupert Murdoch, and his second wife, Anna Murdoch Mann. At the age of 18, in 1989, Lachlan was brought to Australia by his father Rupert to be given a three-month training at an evening newspaper, The Daily Mirror. Five years later, he was made publisher of The Australian, Australia’s first national newspaper. At 29, Murdoch was made Senior Exec VP of News Corp. He has been the Chairman of the Fox Networks Group Asia Pacific Limited since the year 1995 and was seated at the News Corp board in 1996.
Influenced by an Australian businessman friend, Murdoch invested millions of dollars in One Tel, a start-up telecommunications company. In early 2014, a settlement was agreed between Murdoch and his friend to a sum of $40 million. The Supreme Court approved the settlement and the payment of the settlement divided between News Corp, and Lachlan’s friend owned Consolidated Press Holdings and Crown Resorts.
Before 2014, Lachlan Murdoch invested a sum of $10.75 million in an online real estate advertising company, the REA Group, which later went on to become Australia’s market leader. It was estimated to be worth around $3.6 billion to News Corp in 2014.
He oversaw the Century Fox’s businesses in Australia and the working of HarperCollins, the family-owned publishing house; he also remained the publisher of the New York Post for a while.
After leaving News Corp, Murdoch set up a private investment company, Illyria Pty Ltd, with high stake clients such as the ILP team Rajasthan Royals, digital media company Destra, and DVD rental company, Quickflix. In mid-January 2008, Murdoch and his Australian businessman friend, James Packer, decided to privatize their combined companies under the name Consolidated Media Holdings. The deal works $3.3 billion aimed at giving both parties private stakes in companies such as Fox Sports, Foxtel, and PBL Media. The deal eventually fell through when James Packer began selling his stakes slowly from 2006 onwards.
Murdoch became Chairman of, and acquired half of Nova Entertainment through Illyria in 2009. A year later, James Packer bought 18% of shares in Network Ten and handed off the half to Lachlan. The latter was appointed CEO of Ten Network Holdings Ltd in February 2011 after the previous CEO, Grant Blackley’s contract was ended. In March of the same year, Packer resigned from the company. By late 2012, Ten Network Holdings was facing severe financial difficulties and lost Illyria roundabout seventy-three percent of what had been initially invested. The profits from the network fell by more than half, and share prices on the stock market fell by eighty percent. In order to control the situation, the company laid off a hundred and sixty employees, and bought rights for the TV show, MasterChef off the Australian subsidiary, the Shine Group, at three times its actual cost. In mid-June 2017, Network Ten went into freefall after extending the company’s credit facility was agreed against. The CBS Corporation, the network’s largest creditor, won the bid, losing Murdoch his entire investment.