Rupert Murdoch, the 92-year-old media mogul, has an estimated net worth of $8.26 billion as of 2024, according to the Bloomberg Billionaires Index. He amassed his wealth as the founder of News Corp and Fox Corporation, which control major media outlets like Fox News, The Wall Street Journal, The Times, and The New York Post.
In September 2023, Murdoch announced that he would be stepping down as chairman of Fox Corporation and News Corp. He will assume the role of chairman emeritus, while his eldest son, Lachlan Murdoch, takes over as the sole chairman of both companies. Despite stepping back, Murdoch remains a major stakeholder in Fox, with an estimated $2.98 billion in shares and an additional $1.58 billion in News Corp shares.
Early Life and Media Beginnings
Born Keith Rupert Murdoch on March 11, 1931, in Melbourne, Australia, he inherited a newspaper business in Adelaide at just 21 years old after the passing of his father, Keith Murdoch. With a keen business sense, he expanded his holdings, acquiring multiple newspapers across Australia before moving into the UK and U.S. media markets.
Expansion into the U.S. and Television
After launching Australia’s first national newspaper, The Australian, in 1964, Murdoch expanded into the UK media industry, acquiring News of The World in 1968 and The Sun a year later. His move into American media began in 1973 with the purchase of the San Antonio Express-News and later, the New York Post in 1976.
His most pivotal move came in 1985 when he acquired 20th Century Fox and local TV stations, which led to the creation of the Fox Broadcasting Network in 1986. To gain full control of U.S. TV networks, he became a U.S. citizen in 1985, renouncing his Australian citizenship.
Murdoch established Fox News in 1996, which became the most-watched cable news network in America and a dominant force in conservative media.
Disney Deal and Restructuring
In 2019, Murdoch orchestrated a $71 billion sale of 21st Century Fox to Disney, after a bidding war with Comcast. This deal transferred key film assets, including Marvel properties, to Disney. The transaction left Murdoch and his children with $10 billion from the sale, and Murdoch personally retained $12 billion in Disney stock.
Following the sale, Murdoch restructured his empire, retaining ownership of Fox Corporation, which includes Fox News, Fox Broadcast Network, The Wall Street Journal, and The Times of London. Today, his 39% ownership stake in Fox Corporation is worth approximately $4 billion.
Major Real Estate Investments
Murdoch has invested billions into real estate across the globe. Some of his most notable properties include:
- Montana Ranch (2021) – A 340,000-acre estate near Yellowstone, purchased for $200 million.
- One Madison, NYC (2014) – Spent $57 million on two luxury condos.
- Hampshire House, NYC (2023) – Acquired a $35.2 million penthouse overlooking Central Park.
- Bel-Air Vineyard Estate, Los Angeles (2013) – Bought for $28.8 million, featuring the Moraga Vineyards.
Murdoch’s Family and Marriages
Murdoch has been married four times and has six children. His children from his second marriage to Anna Murdoch—James, Elisabeth, and Lachlan Murdoch—have been heavily involved in his media empire.
His marriage history includes:
- Patricia Booker (1956–1967)
- Anna Murdoch (1967–1999) – Divorce settlement of $1.7 billion, one of the largest in history.
- Wendi Deng (1999–2013) – Married 17 days after his previous divorce.
- Jerry Hall (2016–2022) – Former wife of Mick Jagger.
Controversies and Legal Battles
Murdoch has faced significant controversies, including the 2011 phone hacking scandal, which involved News of The World journalists illegally accessing voicemails of celebrities and politicians. This led to extensive investigations by British authorities and the FBI, forcing Murdoch to resign from News International.
Additionally, he was one of the high-profile investors duped by the Theranos scandal, losing $125 million on the fraudulent blood-testing startup.
Legacy and Future Influence
Even after stepping down, Murdoch remains one of the most powerful figures in global media. At 92 years old, he continues to exert influence over Fox Corporation and News Corp, while his son Lachlan Murdoch takes the reins of the empire.
His contributions to media, from reshaping television broadcasting to controlling some of the world’s most influential newspapers, cement his legacy as one of the most transformative and controversial figures in modern journalism.