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The Ides of March

March 11, 1931

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Keith Rupert Murdoch, AC, KSG (born 11 March 1931) is an Australian-American global media baron and the Chairman and CEO of News Corporation, the world’s second-largest media conglomerate.[5][6][7][8]

In 1953, Murdoch became managing director of News Limited, inherited from his father.[3][9] He acquired troubled newspapers in Australia and New Zealand during the 1950s and ’60s before expanding into the UK in 1969, taking over the News of the World and then the The Sun, which he built into Britain’s best selling daily. He moved to New York in 1974 and expanded into the US market, and in 1985 he became a U.S. citizen.[9] In 1981, he bought The Times, his first British broadsheet. In 1986, keen to adopt newer electronic publishing technologies, he consolidated his UK printing operations in Wapping, causing bitter industrial disputes. His News Corporation acquired Twentieth Century Fox (1985), HarperCollins (1989)[10] and The Wall Street Journal (2007). He formed BSkyB in 1990 and during the 1990s expanded into Asian networks and South American television. By 2000 Murdoch’s News Corporation owned over 800 companies in more than 50 countries with a net worth of over $5 billion.

In July 2011 Murdoch faced allegations that his companies including the News of the World, owned by News Corporation, had been regularly hacking the phones of private citizens. He also faces police and government investigations into bribery and corruption in the UK and FBI investigations in the US.[11][12]

Murdoch has been listed three times in the Time 100 as among the most influential people in the world. He is ranked 13th most powerful person in the world in the 2010 Forbes The World’s Most Powerful People list.[13] With a personal net worth of US$7.6 billion, he was ranked 117th wealthiest person in the world in March 2011.[1]

Marriages

Murdoch with his third wife, Wendi, in 2011

In 1956 Murdoch married Patricia Booker, a former shop assistant and flight attendant from Melbourne and they had their first child, Prudence, in 1958.[95][96] Rupert and Patricia Murdoch divorced in 1967.[2] In 1967 Murdoch married Anna Torv,[95] a Scottish-born cadet journalist working for his Sydney newspaper The Daily Telegraph (not to be mistaken for the actress Anna Torv of Fringe who is the elder Torv’s niece).[2] During his marriage to Torv, a Roman Catholic, Murdoch was awarded the KSG, a papal honour. Torv and Murdoch had three children: Elisabeth Murdoch (born in Sydney, Australia on 22 August 1968), Lachlan Murdoch (born in London, UK on 8 September 1971), and James Murdoch, (born in London on 13 December 1972).[95][96] Murdoch’s companies published two novels by his then wife: Family Business (1988) and Coming to Terms (1991), both widely regarded[97] as vanity publications. They divorced in June 1999. Anna Murdoch received a settlement of US$ 1.2 billion in assets.[98]

On 25 June 1999, 17 days after divorcing his second wife, Murdoch, then aged 68, married Chinese-born Deng Wendi (Wendi Deng).[99] She was 30, a recent Yale School of Management graduate, and a newly appointed vice-president of his STAR TV. Murdoch has two children with her.

Murdoch has six children.[100] His eldest child Prudence MacLeod was appointed, on 28 January 2011, to the board of Times Newspapers Ltd, part of News International, which publishes The Times and The Sunday Times.[101] Murdoch’s eldest son Lachlan, formerly the deputy chief operating officer at the News Corporation and the publisher of the New York Post, was Murdoch’s heir apparent before resigning from his executive posts at the global media company at the end of July 2005.[100] Lachlan’s departure left James Murdoch chief executive of the satellite television service British Sky Broadcasting since November 2003, as the only Murdoch son still directly involved with the company’s operations, though Lachlan has agreed to remain on the News Corporation’s board.[102]

After graduating from Vassar College[103] and marrying classmate Elkin Kwesi Pianim (the son of Ghanaian financial and political mogul Kwame Pianim) in 1993,[103] Murdoch’s daughter Elisabeth, along with her husband, purchased a pair of NBC-affiliate television stations in California, KSBW and KSBY, with a $35 million loan provided by her father. By quickly re-organising and re-selling them at a $12 million profit in 1995, Elisabeth emerged as an unexpected rival to her brothers for the eventual leadership of the publishing dynasty’s empire. But after divorcing her first husband in 1998 and quarrelling publicly with her assigned mentor Sam Chisholm at BSkyB, she struck out on her own as a television and film producer in London. She has since enjoyed independent success, in conjunction with her second husband, Matthew Freud, the great-grandson of Sigmund Freud (the founder of psychoanalysis) whom she met in 1997 and married in 2001.[103]

2001) [3] and Chloe (b. New York, 17 July 2003).[2] [96] There is reported to be tension between Murdoch and his oldest children over the terms of a trust holding the family’s 28.5 percent stake in News Corporation, estimated in 2005 to be worth about $6.1 billion. Under the trust, his children by Wendi Deng share in the proceeds of the stock but have no voting privileges or control of the stock. Voting rights in the stock are divided 50/50 between Murdoch on the one side and his children of his first two marriages. Murdoch’s voting privileges are not transferable but will expire upon his death and the stock will then be controlled solely by his children from the prior marriages, although their half-siblings will continue to derive their share of income from it. It is Murdoch’s stated desire to have his children by Deng given a measure of control over the stock proportional to their financial interest in it (which would mean, if Murdoch dies while at least one of the children is a minor, that Deng would exercise that control). It does not appear that he has any strong legal grounds to contest the present arrangement, and both ex-wife Anna and their three children are said to be strongly resistant to any such change.[104]

Wendi Deng Murdoch (simplified Chinese: 邓文迪; traditional Chinese: 鄧文迪; pinyin: Dèng Wéndí; born December 8, 1968) is the third wife of News Corporation Chairman and CEO Rupert Murdoch, and is leading her husband’s Chinese media investments.

In 1988 she was sponsored by an American family for a student visa to the United States of America. She studied economics at Cal State Northridge and is a graduate of the Yale School of Management where she currently serves on the board of advisors.[2]

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Written by harenews

August 6, 2011 at 5:50 am

Posted in March 11

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