Rupert Murdoch’s decision to split the media empire he has led for almost 60 years has nothing to do with a desire to hand it to his children or the UK phone-hacking scandal, News Corp’s 81-year-old chairman and chief executive said yesterday.
“This has nothing to do with family succession or anything like that,” Mr Murdoch, 81, told the Financial Times when asked whether Lachlan, his eldest son, could lead the spun-off publishing company in which the family will have the same 40 per cent voting control as it has in News Corp.
“Yes, as a father, I’d like to see my children [involved], if they want to be,” he said. “But we’re not holding that position open for Lachlan or anyone else.” He told Fox Business Network it was “highly unlikely” that his eldest son would run the publishing company as he was “very happy” running his own business in Australia.