Lachlan Murdoch named co-chair of News and 21st Century Fox, steps down as chair of Ten
Lachlan Murdoch has been named co-chair of News Corp and 21st Century Fox this evening, in a move that will see him chair the publisher together with his father Rupert Murdoch.
As part of the move Murdoch will step down as chairman of the Ten Network but will retain him 8.8 per cent shareholding in the TV network. Ten CEO Hamish McLennan will replace Murdoch as chairman of Ten.
“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 Rupert Murdoch, executive chairman of News Corp in a statement to the stock exchange.
“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.
Is Lachlan now in breach of the law? Just joking. Of course the law will catch up with Rupert’s governance model.
Seriously. This is comedic.
Anyhow. On the biz front it would appear that we have the answer. Lachlan is to be the news corp guy. Which means Robert Thomson had better be very smart. Or simply good at making Rupert happy. (Ok. Tick)
Changes the whole dynamic in oz I think. And not in a good way.
Well – I was looking for a good reason to sell my News Limited shares !!
Curiously, the press releases don’t mention Superleague, One Tel, MySoace or other Lachie-related investments that cost the company more than $1 billion.
Good time to offload your News shares, while they’re still worth something.
Sell. Sell. Sell.
Odd board model for Ten. No other prominent media company has a CEO/chairman hybrid. Raises a few governance questions. Especially so considering the networks performance.
Oh dear oh dear. Messed up TEN, lucked in with Nova, fell over with One Tel, My Space & who know what else……sorry Lachie…I can’t ‘keep the faith’
@ Interesting
Unless, of course the CEO/Chairman hybrid model of Channel 10 is only a temporary fixture. In anticipation of, say, a new controlling share stake in Channel 10 from, perhaps, some powerful international media company, who might wish to place their own stamp on the board?
Although, of course, this is very unlikely, as there would have to be substantial media ‘reform’ beforehand if this international media company already owned substantial Australian media holdings. And I can’t imagine any government being willing to act against the national interest and further concentrate media ownership in the country with the most concentrated media ownership in the developed world already.
Hybrid model can only mean one thing for 10, out of the fire and into the burning flames of hell.