The Murdoch business: an empire on three continents
Sep 22, 2023
Through his companies: News Corp and Fox Corporation, Murdoch built one of the world's most substantial portfolios of newspaper and broadcast holdings under one roof.
Rupert Murdoch (R), with his son Lachlan (L), in Adelaide, Australia. - Rupert Murdoch will step down as chairman of his global media empire, handing the post to son Lachlan, Fox Corp. and News Corp.
AFP .
@New Vision
__________________ magnate Rupert Murdoch (C) flanked by his sons Lachlan (L) and James (R) arrive at St Bride's Church on Fleet Street in central London on March 5, 2016, to attend a ceremony of celebration a day after the official marriage of Rupert Murdoch and former US model Jerry Hall. - Rupert Murdoch will step down as chairman of his global media empire, handing the post to son Lachlan, Fox Corp. and News Corp. announced Thursday. The Australian-born 92-year-old, who built a global entertainment and news juggernaut, will shift into an emeritus status at both companies in mid-November, the companies said. (Photos AFP)
Over the last six decades, Rupert Murdoch built a media empire well beyond his native Australia, amassing key media properties across three continents in a run that was also characterized by multiple scandals.
Through his companies: News Corp and Fox Corporation, Murdoch built one of the world's most substantial portfolios of newspaper and broadcast holdings under one roof.
Murdoch's wealth was estimated at $17.3b by Forbes on Thursday when he announced he was handing the reins to his son Lachlan while shifting to an "emeritus" status at the two companies.
Here is a closer look at the two businesses.
- News Corp -
The business includes Murdoch's holdings in his birth country of Australia -- led by The Australian, the lone national daily started by Murdoch in 1964.
The company also owns Australia The Daily Telegraph and news website News.com.au, as well as television station Sky News Australia and pay television company Foxtel.
Murdoch's initial investment in Britain came in 1969 with the purchase of the tabloid News of the World, which was shut down in 2011 following a phone hacking scandal.
In 1981, he purchased the prestigious daily The Times, along with The Sunday Times, adding to a print news business that also included The Sun.
Holdings in radio and television included talkSPORT, TalkTV, and Virgin Radio UK.
News Corp is also present in Ireland with local radio stations.
Murdoch's push in North America dates to 1985 with his purchase of the New York Post.
In 2007, News Corp landed a major acquisition of the media group Dow Jones, whose holdings include the long-respected Wall Street Journal.
The company in 1987 added the publishing house HarperCollins, which originally dates to 1817. HarperCollins bought romance publisher Harlequin in 2014.
News Corp also controls Rea Group, which specializes in commercial and residential real estate through websites such as realtor.com and flatmates.com.au.
In fiscal 2023, News Corp reported profits of $149m on revenues of $9.9b.
- Fox Corporation -
In 1984, Murdoch acquired 20th Century Fox, an entity he reorganized and remade. In 2017, he sold the movie studio, renamed 21st Century Fox, to Disney.
Fox Corporation is now comprised of the national television channel Fox and several cable channels, as well as Fox News, which is known for a right-wing spin on news popular with conservative Americans.
Other holdings include the entertainment news network TMZ, as well as Studio Ramsay Global, which features British celebrity chef Gordon Ramsay, and the MasterChef franchise.
In fiscal 2023, Fox reported profits of $1.3 billion on $14.9 billion in revenues.
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