Rupert Murdoch's retirement raises the curtain on his last act
economictimes.indiatimes.comRupert Murdoch's announcement Thursday that he was stepping back from day-to-day oversight of his media empire cleared the way for his elder son, Lachlan, to claim sole oversight of the businesses.
The move made it clear that Rupert Murdoch would like to see Lachlan run the companies. But it didn't answer the question of who will control the trust that votes the family's shares after the elder Murdoch, 92, dies.
The Murdoch Family Trust commands roughly 40% of the vote at both Fox Corp. and News Corp.
At that point, his four eldest children will have to work out his ultimate successor among themselves — and they appear to be divided.
Rupert Murdoch appears to be in good health, but hours after the announcement of his departure Thursday, some media executives who have worked with him argued that Murdoch would not have stepped down without some greater plan in mind that further solidified Lachlan's control over the companies.
«Him stepping aside is the intermission,» said Ross Levinsohn, a former News Corp executive who is now chair and CEO of Arena Group, which publishes Sports Illustrated and Men's Journal.
«Wait until you see the final act.»
It is unclear what that act could be. Fox Corp.
and News Corp declined to comment.
Last year, Rupert Murdoch made a move widely perceived within the empire as an effort to shore up Lachlan's authority: attempting to merge News Corp and Fox Corp. He backed away in January, with both companies saying at the time the combination wasn't optimal for shareholders.
Two people close to Murdoch, who spoke on condition of anonymity, believe that he will make another attempt to reunite the companies.
