What is Rupert Murdoch’s Net Worth?
Keith Rupert Murdoch is worth approximately $20 Billion as of July 2022.
Keith Rupert Murdoch is an American media mogul from Australia. Murdoch, who lost his father in 1952, decided not to join the registered public company of his father and instead created News Limited.
Keith Rupert Murdoch, a son of Sir Keith Murdoch and Dame Elisabeth Murdoch, was born in Melbourne, Victoria on the 11th March 1931. Murdoch is the child of Sir Keith Murdoch and Dame Elisabeth Murdoch. He is of Scottish, Irish and English ancestry. Murdoch was also born in Melbourne to his parents.
Keith Murdoch was a war reporter and later, a regional newspaper magnate, owning two newspapers, one in Adelaide, South Australia and one in a remote mining community. He was also chairman of the powerful Herald and Weekly Times organizations.
Murdoch bought ‘New Limited” in 1952 after the death of his father. After Murdoch became its owner, ‘New Limited”’s newspaper, ‘Adelaide News”, was one of the most popular.
Rupert also managed to increase the stake he held in media firms across Australia. Rupert was on a visit to New Zealand in 1964 when he discovered that there was a bid for the acquisition of the Wellington-based newspaper “The Dominion”.
The Australian media tycoon entered the British market in 1968. To cut costs, they were initially printed in long broadsheet sizes. Later, they were reduced to tabloid size and printed in one press.
When he launched electronic publishing in London’s Wapping area, this businessman came under fire. These processes didn’t require as many people as they did before. This led to downsizing.
Three years later the responsibility for telecasting the “National Football League” was transferred to ‘News Corporation”.
2014 saw ’21st Century Fox attempt to purchase ‘Time Warner’. However, the offer was declined. James Murdoch, his younger son is currently in charge of managing most companies.
These are some of Rupert Murdoch’s greatest moments:
- Executive of The Herald and Weekly Times
- Murdoch bought The Times (1981)
Three Business Lessons From Rupert Murdoch
Let’s take a look at what lessons we can learn about business from him:
1. Time it right
Murdoch says that timing is critical in succession planning. He says that clients hear this often: “You can’t begin preparing too early.”
“The better the communication and integration of the succession plan in the company structure will be for employees, board, stakeholders and the company, the longer it takes.”
2. Be prepared for any challenge
Family businesses are more complicated than others and succession planning can be difficult. Murdoch says family businesses face unique problems because of the family dynamic. Murdoch says, “There will often be family problems to consider that cloud the business issues.”
“If you’re handing someone over to someone, not in your family then it’s effectively an economic transaction. However, when it’s a member of the family you have to take into account sibling rivalry or emotional factors which can play a part.
3. Communicate clearly
Murdoch believes it is crucial for business owners to have a succession plan in place and communicate clearly with their staff and other stakeholders. He advises that the transition plan should be implemented in sufficient time and communicate clearly about what is happening and why.
Favorite Quotes From Rupert Murdoch
It is impossible to build a strong company with many committees and a board that must be consulted at every turn. You need to be able to make decisions on your own.
The Internet has been the most important change I have seen in my life, and for hundreds of others over the years.
Climate change is a clear threat that will have catastrophic consequences. Although we might not agree on its extent, we cannot afford to ignore the dangers.