Rupert Murdoch: Becoming a Media Magnate

Rupert Murdoch: A Media Magnate

 Rupert Murdoch Photo Courtesy / Jessica Rinaldi
Photo Courtesy / Jessica Rinaldi

Business (MP) Australian born billionaire media magnate Keith Rupert Murdoch, has consistently ranked as one of the most influential personalities in the world. He’s the founder, chairman and CEO of global media giant, News Corporation. News Corp., happens to be the world’s second-largest media conglomerate.  Let’s look at how Mr. Murdoch became a media conglomerate?

Born to Sir Keith Murdoch in Melbourne, Murdoch was the natural heir to his fathers’ businesses, Adelaide News and Melbourne News, also known as News Limited. Murdoch’s dad died of cancer in 1952, leaving him with the newspaper. And he soon after metamorphosed his father’s humble legacy of into a giant global media conglomerate it is today.

Rupert Murdoch’s Career takes off

Before taking the reins of his father’s business, at the age of 21, Murdoch studied in Oxford University. He also worked as a sub-editor at Melbourne News. The young Australian quickly proved his genius for success; he acquired some of the most prominent newspapers across his homeland, Australia, along with several in United States and United Kingdom. Murdoch made his first acquisition in the United States in 1973, when he purchased the San Antonio Express-News. Soon afterwards, he founded Star, a supermarket tabloid, and in 1976, he purchased the New York Post.

As Murdoch’s prominence grew in the media circles so did his importance in the political arena. Using his newspapers as the medium, Murdoch exerts much power in political circles and is a highly sought after entity for carrying out “favorable campaigns”. Today, he publishes 175 newspapers (including The Wall Street Journal), owns Twentieth Century Fox Studio, Fox Network, 35 TV Stations, cable network programming (including Fox News) in US and 19 regional sports channels, book publishing powerhouse HarperCollins, and a broadcasting and satellite TV arm. Murdoch’s broadcast and satellite divisions delivers TV programs in United States, Australia, Continental Europe, the United Kingdom, Africa, Asia and the Pacific Basin.

Net Worth United States
$13.8 Billion Murdoch ranks #77 according to Forbes list of billionaires

Business management style

Controversies always revolve around Rupert Murdoch, owing to his ruthless management style and oppressive tactics employed by dictatorial regimes. Sometimes, his actions have brought upon the wrath of his own employees resulting in multiple protests, and with magazines giving him the nick name of “The Dirty Digger”. However, nothing could ever dampen the driven success of this global media mogul, who admits to have money hidden in tax havens.

In July 2011, Murdoch faced allegations that his companies, including the News of the World, owned by News Corporation, had been regularly hacking the phones of celebrities, royalty and public citizens. He faces police and government investigations into bribery and corruption by the British government and FBI investigations in the US. In that same month, Rupert Murdoch, along with his son James, provided testimony before a British parliamentary committee about the phone hacking scandal.

In February 2015, News Corp., announced that the U.S. Department of Justice had finished its investigation related to the phone-hacking charges at Murdoch’ newspapers in London and would not prosecute News Corp or 21st Century Fox.

Plus on the management front, in March 2014, Murdoch got his sons Lachlan and James appointed to top positions at News Corporation and 21st Century Fox, ensuring that his legacy will live on. He also tried, and failed, to acquire Time Warner in what would have been an $80 billion mega-deal.

It’s Personal

Rupert’s personal life is as interesting as his professional one, three times married with 6 children born out wedlock. The chairman agreed to a settlement that will complete a divorce from his third wife, Wendi Deng Murdoch, after 14 years of marriage in 2013. Wendi Murdoch kept the couple’s Fifth Avenue residence in New York as part of the settlement. The couple has two daughters, Grace, 12, and Chloe, 10, who live in New York. For a full history of this media magnate – see Wikipedia’s Rupert Murdoch profile.

Don Briscoe
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Don Briscoe

Finance educator, advisor, and leading voice in the global financial literacy movement.Founder and editor of MoneyPacers.com.He lives and enjoys life with his family in New York.
Don Briscoe
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