11.17.2005
Murdoch's son passes on taking over $48 Billion Dollar News Corp.
"Lachlan Murdoch, regarded as likely heir to father Rupert Murdoch's media empire, is to quit his senior role at the family controlled News Corporation. Mr Murdoch, 33, is stepping down as a director of the media giant, in which the Murdoch family owns a 30% stake, to return to his native Australia.Rupert Murdoch said he was "particularly saddened" by the move.
The development will fuel speculation that younger brother James Murdoch is now likely to succeed his father.
James Murdoch, 32, has been chief executive of BSkyB, the British satellite broadcaster, since November 2003.
Lachlan Murdoch revealed on Friday that he will quit his executive role at News Corp at the end of August, although he will remain on the company's board. I would like to thank my father for all he has taught me in business and in life
He has occupied a variety of roles since 1994, most recently as deputy chief operating officer and publisher of the New York Post newspaper.
Mr Murdoch, 74, has made it clear that he would like one of his children to take over at the helm of News Corp, a global media business with interests worth about $48bn (£27bn)." [Via bbc.co.uk]
