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Rupert Murdoch's son Lachlan Murdoch will be taking over as the chairman of Fox Corporation and News Corp as Rupert is stepping down from the position, according to CNN. The announcement was made on Thursday, September 21, 2023. Lachlan, 52, has been serving as the executive chairman of Nova Entertainment and Fox Corporation and has been married to model and actress Sarah O'Hare since 1999.
USA Today revealed that Rupert shared a memo for his employees, where he stated that he has been involved with "news and ideas" throughout his life.
He continued:
"Neither excessive pride nor false humility are admirable qualities. But I am truly proud of what we have achieved collectively through the decades, and I owe much to my colleagues, whose contributions to our success have sometimes been unseen outside the company but are deeply appreciated by me."
Lachlan also thanked his father in another letter and said:
"We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted."
Who is Lachlan Murdoch? Net worth, family, and more
Lachlan Murdoch has built a successful career as a businessman over the years. This has contributed a lot to his earnings and his net worth is $2.7 billion, as reported by CelebrityNetWorth.
Lachlan is the founder of a private investment company called Illyria Pty. He also acquired 50% of NOVA Entertainment in 2009 and later joined as the chairman. He took over the remaining portion of the company in the next few years.
Lachlan bought a huge estate in Bel-Air for $150 million in 2019. He was planning to purchase another house near the same place but lost it to Jeff Bezos, who purchased it for $300 million. He owns another property which he bought for $14 million.
Business Insider states that he reportedly earned $3 million in 2022. His overall compensation was $27 million in 2021 but it was reduced to $21 million last year.
People magazine states that Lachlan Murdoch was previously employed at newspapers such as Daily Mirror, Courier-Mail, and The Australian. He was the deputy chief operating officer for News Corp. from 1997 to 2005. He has also served as an executive chairman and CEO of Fox Corporation.
Lachlan Murdoch is a father of three children
Lachlan Murdoch married actress and model Sarah O'Hare in 1999. Numerous well-known people attended the wedding, which took place at a farm home near Cavan Station. Sarah's wedding outfit was designed by Collette Dinnigan.
Murdoch and O'Hare later welcomed three children. Their first child Karan Alexander was born in 2004. The duo's second child Aidan Patrick was born in 2006 and they had their third child Aerin Elisabeth in 2010.
Sarah O'Hare started her career as a model. Apart from working with the best fashion designers, Sarah has appeared on the covers of magazines like Harper's Bazaar and Marie Claire. Australia's Next Top Model and Everybody Dance Now are a few reality shows that she has hosted in her successful career. O'Hare is also an ambassador for Murdoch Children's Research Institute.
Murdoch, 92, said he was in good health as he stepped down from the position. In November, he will transition formally.
