Rupert Murdoch, the media magnate who left an indelible mark on three continents, is making a significant move in his career at the age of 92. Murdoch, known for his shrewd business acumen and unapologetic right-leaning media empire, has announced his partial withdrawal from News Corp and Fox, the conglomerates he built into billion-dollar powerhouses. This change marks a significant transition in the media landscape, particularly in Australia, the United States, and Britain, where Murdoch has wielded formidable political influence. Despite stepping back, he will retain controlling shares, indicating his continued involvement in the media sphere.
A Shrewd Businessman:
Rupert Murdoch's journey began when he inherited the struggling Adelaide News at the age of 21 upon his father's passing in 1952. He turned this newspaper around and embarked on a five-decade spree of acquisitions. His expansion took him to Britain, where he purchased notable publications like the News of the World, the Sun, and the Times. In the United States, Murdoch added the New York Post, 20th Century Fox, and Dow Jones, owner of The Wall Street Journal. His media empire was known for sensational tabloid headlines and strong conservative political support, drawing both praise and criticism.
Political Influence:
Critics often reviled Murdoch's unabashed support for conservative politics and promotion of right-wing conspiracy theories through his media outlets. Notable examples include The Sun's claimed influence on the 1992 UK general election and Fox News's impact on Donald Trump's 2016 presidential victory. Murdoch's close ties with Trump further bolstered Fox's earnings. Despite criticism, Murdoch embraced his role as a target of the left, proudly acknowledging the enemies he had made.
Pioneering 24-Hour News:
Recognizing the changing media landscape, Murdoch ventured into 24-hour news broadcasting. In 1989, he launched Sky News in the UK, followed by the conservative-oriented Fox News in the United States in 1996. These ventures bolstered his fortune significantly, even as the newspaper industry faced challenges from the internet and social media. In 2018, he made a substantial financial gain by selling 21st Century Fox to Disney for $71 billion, refocusing on news and sports.
Succession and Personal Life:
Speculation about Murdoch's retirement and the succession of his media empire has persisted for years. With four marriages and divorces, including high-profile unions with Wendi Deng and Jerry Hall, Murdoch's personal life has been fodder for media stories. Reports of his fifth engagement, followed by a sudden cancellation, added to the intrigue. Additionally, concerns about his health arose after a 2018 injury aboard his yacht in the Caribbean, where he suffered fractures and a life-threatening spinal hematoma. These personal and health-related factors have fueled speculation about the future of his media empire, echoing the themes of the popular HBO show "Succession."
Rupert Murdoch's influence on media and politics across three continents is undeniable. His decision to step back from News Corp and Fox marks a significant shift in the media landscape, though he will retain control through his shares. Murdoch's legacy is one of controversy and innovation, leaving an indelible mark on the media industry and politics in Australia, the United States, and Britain.
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