Rupert Murdoch Net Worth
Rupert Murdoch has an estimated net worth of $17.7 billion. Media magnate Rupert Murdoch is the founder and head of News Corporation, a global media conglomerate. He created Fox Broadcasting Company in 1986. He earned the majority of his income from News Corporation.
Rupert Murdoch’s father was a well-known war correspondent and publisher of newspapers. Murdoch inherited his father’s newspapers, the Sunday Mail and the News of the World, and continued to acquire other media outlets over time. He began purchasing American newspapers in the 1970s. Murdoch entered the entertainment industry in 1985 with the purchase of 20th Century Fox Film Corp., and later transformed the cable TV landscape with the introduction of Fox News. Murdoch sold a large portion of 21st Century Fox to the Walt Disney Company in 2017, four years after dividing his empire into two divisions, 21st Century Fox Inc. and News Corp.
To calculate the net worth of Rupert Murdoch, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity he has in a house, car, or other similar asset are included in the total assets. All debts, such as loans and personal debt, are included in total liabilities.
Here’s the breakdown of his net worth:
|Net Worth:||$17.7 billion|
|Monthly Salary:||$100 million+|
|Annual Income:||$1 billion+|
|Source of Wealth:||Entrepreneur|
Early Life and Career
Keith Rupert Murdoch was born on a small farm about 30 miles south of Melbourne, Australia, on March 11, 1931. Murdoch has always gone by his middle name, Rupert, after his maternal grandfather. Keith Murdoch, his father, was a well-known Australian journalist who owned several local and regional newspapers, including the Herald in Melbourne, the Courier-Mail in Brisbane, and the News and Sunday Mail.
Cruden Farm was named after the Scottish village where both of Murdoch’s parents had emigrated. The house at Cruden Farm was a stone structure with colonial pillars, adorned with original paintings, a grand piano, and a library of books, and surrounded by green farmland and Ghost Gum trees. Horseback riding was Murdoch’s favorite childhood pastime. His mother later described her son’s upbringing: “I believe it was a very normal childhood, not extravagant or overindulgent. I suppose he was fortunate to grow up in attractive—even aesthetic—environments.”
Murdoch, the son of a well-known journalist, was groomed from a young age to enter the world of publishing. He recalls, “I was raised in a publishing family, a newspaper man’s family, and I suppose that excited me. I witnessed that life up close and never considered anything else after the age of 10 or 12.”
Murdoch graduated from Geelong Grammar, a prestigious Australian boarding school, in 1949 before transferring to Worcester College at Oxford University in England. Murdoch was a “normal, red-blooded college student who had many friends, chased girls, went on the usual drinking binges, engaged in slapdash horseplay, tried at sports, and never had enough money, no doubt due to his gambling,” according to one of his early biographers.
Murdoch’s carefree youth came to an end when his father died unexpectedly in 1952, leaving his son in charge of his Adelaide newspapers, the News and the Sunday Mail. In 1953, a 22-year-old Murdoch returned to Australia to take over his father’s papers after a brief apprenticeship under Lord Beaverbrook at the Daily Express in London.
Murdoch immersed himself in all aspects of the Sunday Mail and News’ daily operations almost immediately after assuming control of the papers. He designed page layouts, wrote headlines, and worked in the typesetting and printing rooms. He quickly transformed the News into a chronicle of crime, sex, and scandal, and while these changes were divisive, the paper’s circulation skyrocketed.
Only three years later, in 1956, Murdoch expanded his operations by purchasing the Perth-based Sunday Times and rebranding it in the News’ sensationalist style. Murdoch then broke into the lucrative Sydney market in 1960 by purchasing the struggling Mirror and gradually transforming it into Sydney’s best-selling afternoon paper. Encouraged by his success and with political ambitions, Murdoch founded Australia’s first national daily paper, the Australian, in 1965, which helped to rebuild Murdoch’s image as a respectable news publisher.
Murdoch moved to London in the fall of 1968, 37 years old and owner of a $50 million Australian news empire, and purchased the enormously popular Sunday tabloid The News of the World. One year later, he bought another struggling daily tabloid, the Sun, and oversaw another successful transformation using his formula of heavily reporting on sex, sports, and crime. The Sun also drew readers’ attention by including photos of topless women in its infamous “Page 3” feature.
Murdoch then expanded his news empire to the United States with the 1973 purchase of the San Antonio News, a Texas-based tabloid. Murdoch quickly expanded across the country, as he had done in Australia and England, founding a national tabloid, the Star, in 1974 and purchasing the New York Post in 1976. Murdoch established News Corporation, also known as News Corp., in 1979 as a holding company for his various media properties.
Murdoch amassed a dizzying array of news outlets around the world during the 1980s and 1990s. He purchased the Chicago Sun-Times, the Village Voice, and New York magazine in the United States. In England, he purchased the venerable Times and Sunday Times of London.
Emergence of Fox
During these years, Murdoch began to expand his media empire into television and entertainment. In 1985, he bought 20th Century Fox Film Corporation as well as several independent television stations, combining them into Fox, Inc., which has since grown into a major American television network.
He founded Star TV, a Hong Kong-based television broadcasting company, in 1990. In addition, after acquiring several prestigious American and British academic and literary publishing houses in the late 1980s, he merged them into HarperCollins in 1990. Murdoch is also a part owner of the Los Angeles Kings NHL team, the Los Angeles Lakers NBA team, and the Staples Center, as well as Fox Sports 1 and the Fox Sports website.
With the turn of the century, Murdoch continued to expand News Corp’s holdings, gaining control of an increasing portion of the media that people consume on a daily basis. He bought Intermix Media, the owner of the popular social networking site MySpace.com, in 2005. Two years later, in 2007, the long-time newspaper magnate made headlines by acquiring Dow Jones, the owner of the Wall Street Journal.
Murdoch has faced widespread criticism for monopolizing control over international media outlets, as well as for his conservative political views, which are frequently reflected in Murdoch-controlled outlets such as Fox News. During the 2010 American midterm elections, News Corp gave $1 million to the Republican Governors Association and the United States Chamber of Commerce, both of which supported Republican candidates. Critics contended that the owner of major news outlets covering the election should not directly contribute to the political campaigns involved.
Murdoch’s empire, on the other hand, suffered a significant setback in 2011. The News of the World, his London tabloid, was embroiled in a phone hacking scandal. Several editors and journalists were charged with illegally accessing the voicemails of some of Britain’s most powerful people. That same year, Rupert was called to testify, and he shut down The News of the World. Individuals who were hacked were later compensated by News Corp.
Despite the scandal, News Corporation continues to control a sizable portion of the world’s media. Murdoch owns many of the books and newspapers that people read, as well as television shows and films that they watch, radio stations that they listen to, websites that they visit, and blogs and social networks that they create. He announced a significant restructuring of his empire in 2013. Murdoch decided to split his company into two: 21st Century Fox Inc. and News Corp. This move separated his entertainment and publishing holdings. Murdoch told the Los Angeles Times that “both companies will be uniquely positioned to execute on their respective strategic objectives and to lead their respective industries forward.”
Although he could never have imagined the power he would one day wield, Murdoch sought this kind of influence as a young publisher building his empire. “I felt the excitement and power,” he says. “Not raw power, but at least the ability to influence the agenda of what was going on.” Murdoch has said that after six decades in the media, he cannot imagine his life any other way. “If you’re in the media, particularly newspapers, you’re right in the middle of all the interesting things that are going on in a community, and I can’t imagine any other life that one would want to devote oneself to,” he said.
New Leadership and Sale to Disney
Murdoch announced in June 2015 that he would hand over leadership of 21st Century Fox to his son James. Murdoch would remain as executive co-chairman of the organization, sharing the position with his oldest son, Lachlan.
Roger Ailes, the chairman and CEO of Fox News and the Fox Television Stations Group, resigned in July 2016 as a result of a sexual harassment lawsuit filed by Fox television host Gretchen Carlson. Murdoch announced that he would temporarily fill Ailes’ position.
In the midst of its restructuring, 21st Century Fox was in talks with Walt Disney about selling some of its properties. While talks were said to have ended in November 2017, they were reportedly renewed within a few weeks, with Fox considering offers for its movie and cable networks, as well as its international divisions.
In mid-December, terms were agreed upon for Disney to purchase the majority of 21st Century Fox in an all-stock transaction valued at around $52.4 billion. Murdoch said he would spin off Fox News, the Fox broadcast network, and the FS1 sports cable channel into a new publicly traded company.
In February 2018, a Wired cover story revealed details of Murdoch’s ongoing feud with Facebook CEO Mark Zuckerberg. The feud reportedly began in 2007, when Murdoch’s News Corp. was accused of attempting to spark a scandal involving the presence of sexual predators on Facebook. Later, in a 2016 meeting, Murdoch chastised Zuckerberg for altering Facebook’s news feed algorithm, giving the social platform the ability to significantly affect traffic for other websites. News Corp. allegedly threatened to retaliate by lobbying and launching an anti-Facebook campaign through its various media outlets.
While his massive deal with Disney was still being approved, Murdoch sought to increase 21st Century Fox’s stake in Sky News in the United Kingdom. However, despite the company’s insistence that Sky News would retain editorial independence, the transaction was stymied by politicians and regulators concerned about 21st Century Fox’s monopoly on the British news market.
Personal Life and Wives
In 1956, Murdoch married Patricia Booker. Before divorcing in 1965, they had a daughter, Prudence. In 1967, he married Anna Torv, with whom he had three children before divorcing in 1999. Murdoch married his third wife, Wendi Deng, only 17 days after his second divorce. They have two kids.
Murdoch filed for divorce from Deng in June 2013, citing in court papers that the “relationship between husband and wife had broken down irretrievably.” Some were surprised by the news of the divorce, but there had been rumors of marital problems in recent years. In 2014, the divorce was finalized.
Murdoch married Mick Jagger’s ex-wife, Jerry Hall, in January 2016. The couple reportedly started dating the previous summer. They married on March 4, 2016, in London.
Favorite Rupert Murdoch Quotes
The world is changing very fast. Big will not beat small anymore. It will be the fast beating the slow.
Great journalism will always attract readers. The words, pictures and graphics that are the stuff of journalism have to be brilliantly packaged; they must feed the mind and move the heart.
In motivating people, you’ve got to engage their minds and their hearts. I motivate people, I hope, by example – and perhaps by excitement, by having productive ideas to make others feel involved.
When you’re a catalyst for change, you make enemies – and I’m proud of the ones I’ve got.
Our reputation is more important than the last hundred million dollars.
I think everyone’s against abortion.
I’m considered homophobic and crazy about these things and old fashioned. But I think that the family – father, mother, children – is fundamental to our civilisation.
Advances in the technology of telecommunications have proved an unambiguous threat to totalitarian regimes everywhere.
If the head man in a company is not working 12 hours a day, doing things, taking risks, but also standing with his people in the trenches at the most difficult of times, then the company loses something.
I’m not an economist and we all know economists were created to make weather forecasters look good.
I’m not a knee-jerk conservative. I passionately believe in free markets and less government, but not to the point of being a libertarian.
View our larger collection of the best Rupert Murdoch quotes.
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