Rupert Murdoch has made a move that puts in place the heir apparent to his vast media empire. Bloomberg reports that Murdoch promoted son Lachlan Murdoch to non-executive chairman of News Corp. and 21st Century Fox, which makes Lachlan the heir apparent over his brother James Murdoch.
Lachlan, who is 42, will work with his father, who remains chairman and chief executive officer of Fox and executive chairman of News Corp., the report notes. Meanwhile, James, who is 41, will become co-chief operating officer of 21st Century Fox.
“The promotions signal Rupert Murdoch, 83, is cementing his family’s control over the business he has led for six decades," the story reports. "Lachlan is returning to a leadership role at his father’s business after running his own company for several years and will rank higher than James, who stayed at the family empire and battled revelations of hacking by its U.K. newspaper reporters."
While Lachlan Murdoch started at his father’s company, he quit as deputy chief operating officer in 2005 and started his own investment company, although he remained a director of his father’s company. He bought almost 20% of Australian broadcaster Ten Network Holdings in 2010, became the company’s acting CEO in 2011 and then gave up that role to become chairman. He’s now stepping down from that position, the story notes.