Rupert Murdoch’s Legacy and Lachlan Murdoch’s Potential as a Deal Maker

Rupert Murdoch’s American media empire was built on strategic dealmaking. Over the years, Murdoch transformed a regional newspaper business into a prominent entity through significant acquisitions, including 20th Century Fox Film Corp. in 1985 and Dow Jones (owner of The Wall Street Journal) in 2007. Recognizing the value of his companies, Murdoch separated the film and TV business from his newspaper empire in 2013 to maximize their individual potential. In a monumental $71 billion deal in 2019, he sold off most of his Hollywood assets to Disney, further reshaping his media empire.

As Rupert Murdoch takes on a more limited role as “chairman emeritus,” his son Lachlan is now in charge of both Fox and News Corp. Many speculate whether Lachlan possesses the dealmaking acumen of his father and question the future direction of the companies after Rupert’s departure and the decision-making power of the family trust.

Lachlan’s Leadership and Potential Deals

Signs suggest that Lachlan shares his father’s traits. Last year, the talks of a Fox-News Corp re-merger were sparked by a letter from both Lachlan and Rupert. Lachlan has also prioritized the acquisition of Tubi, a streaming platform with 74 million monthly active users, for $440 million. While some Wall Street veterans anticipate small incremental deals rather than major strategic changes, others believe that a merger between News Corp and Fox is possible down the road.

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Market Interest in Murdoch’s Media Assets

With Lachlan at the helm, interest in Murdoch’s media assets is high. Fox News Channel, the most powerful media platform in GOP politics, and The Wall Street Journal, known for its conservative policy coverage, make Murdoch’s properties highly sought after, especially with the 2024 Republican primary campaigns underway. While Disney’s assets have attracted interest, Fox’s assets could draw both traditional media buyers and wealthy Republicans looking to shape the party and the country. Parties such as the Ricketts family, the DeVos family, and Koch Industries are among those speculated to be potential buyers if Murdoch’s media assets become available.

In this dynamic landscape, there is the possibility of selling off specific assets or even Fox News itself. One media executive rival, Chris Ruddy, CEO of Newsmax, has expressed interest in acquiring Fox News or merging it into Newsmax, highlighting the potential for significant shifts in the media landscape.

As the industry closely watches the future of Murdoch’s media empire, the decisions made in the coming years have the potential to reshape the media and political landscapes, making it one of the most politically consequential M&A deals in history.

This story first appeared in the Sept. 27 issue of The Hollywood Reporter magazine. Click here to subscribe.