A year after winning the succession battle to run his father’s media empire, Lachlan Murdoch faces a crunch meeting as rebellious shareholders force a vote in an effort to break his control over the $30bn (£23.7bn) business. Rupert Murdoch’s move to install his eldest son as the unchallenged boss of the Fox and News Corporation businesses is now facing a dual threat, with shareholders joining Lachlan’s own siblings in opposing the dynastic plan.
The Fox and News Corp annual general meetings this week, should have provided a stage for Lachlan to cement his position as the anointed head of the empire stretching from Fox News to The Sun and Wall Street Journal newspapers. Boosted by Donald Trump’s victory , Fox News was the most-watched television station across cable and network TV during the week of the US presidential election. News Corp shares are up 38 per cent this year after the company posted revenues of $10bn (£7.
9bn). However, independent shareholders are growing increasingly restless at the prospect of the business falling into the relatively untested Lachlan’s hands, when his 93-year-old father dies. City media analyst Alex DeGroote told i : “One year into his leadership, the News Corp AGM will be an important moment for Lachlan to try and persuade those sceptical investors that the current voting structure is right for the company, looking ahead to a future after Rupert.
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