Finance Finance News Lachlan Murdoch gets News Corp promotion

Lachlan Murdoch gets News Corp promotion

Lachlan Murdoch had hoped for a 50 per cent stake in Ten. Photo: Getty
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Lachlan Murdoch has been appointed non-executive co-chairman of News Corp.

The son of billionaire media baron Rupert Murdoch, 83, already serves as a News Corp director and the promotion may be viewed as part of an eventual succession plan.

“This appointment is a sign of confidence in the growth potential of News Corp and a recognition of Lachlan’s entrepreneurial leadership and passion for news, digital media and sport,” said Mr Murdoch senior, News Corp’s executive chairman.

“In this elevated role, Lachlan will help us lead News Corp forward as we expand our reach and invest in new technologies and markets around the world.”

The promotion was announced to the New York Stock Exchange as Australia’s Network Ten confirmed that Mr Murdoch, 42, had left his role as the broadcaster’s non-executive chairman and director.

He retains his 8.8 per cent stake in the company.

Ten’s chief executive Hamish McLennan was appointed executive chairman following Mr Murdoch’s departure.

“On behalf of the board I thank Lachlan for the contribution he has made during a very

difficult time for the company,” said Ten’s deputy chairman and lead independent director, Brian Long.

“I am pleased that he will retain his commitment to Ten through continuing to hold his 8.8 per cent shareholding in the company, together with the shareholder guarantee that his company has provided in respect of Ten’s new loan financing arrangements.”

The Ten Network posted a full-year loss of $285 million in 2013 and has seen a number of its programs struggle in fierce ratings wars with its rivals, the Seven and Nine Networks.

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