One of the world’s last great media barons, Rupert Murdoch, turns 80 today – a day after Forbes magazine’s list of the world’s billionaires showed that Facebook founder Mark Zuckerberg is worth almost twice as much as the News Corp chief.
Reaching 80 is a fine achievement. Reaching 80 when you are in charge of one of the world’s biggest and most influential media companies is even more impressive. For some great perspectives on Murdoch’s career, check out Business Spectator’s birthday special.
While one of Murdoch’s great peers, Westfield boss Frank Lowy, announced he was stepping back from day-to-day control of his company last week at the age of 80, Murdoch shows no signs of going anywhere in a hurry.
Indeed, the mogul appears to have settled into his battle to try and make some money from digital media. He recently launched the iPad-only newspaper The Daily, and is rolling out pay walls around his empire in a bid to make internet users stump up for what has been free for so long.
Whether Murdoch can get the new-media equation right remains a burning question for News Corp shareholders and the rest of the media sector – who will be hoping they can jump on Rupert’s bandwagon if he does crack the internet code.
But there are plenty of other burning questions for Murdoch, including:
– Will News Corp look at acquire a big new-media business to bolster its digital operations? Or is it too scarred from the MySpace disaster?
– What stage is succession planning within News Corp at?
– Does he intend to start moving away from day-to-day operations, as Lowy has done?
– If so, who will step forward to take the reins? A Murdoch family member or someone outside the family?
– Are the Murdoch family long-term holders of News Corp stock? No reasons to suggest not, although priorities change when a figure as influential as Rupert steps down.
These questions aren’t new. But the need for Murdoch and News Corp to start giving the market some answers – particularly on succession – is rising.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
