Lachlan Murdoch, the 52-year-old son of media tycoon Rupert Murdoch, is set to take on the role of sole chair of both News Corp and Fox, following years of guiding the companies with his shrewd decision-making and successful deals. Rupert Murdoch, 92, will transition into the role of chairman emeritus for both companies. Lachlan's promotion comes after serving as co-chair for News Corp for nine years and as CEO of Fox for four years. He has had a notable career in the media industry, including a stint as publisher of the New York Post and spearheading major deals such as Tom Brady's contract with Fox Sports.

One of Lachlan's notable recent decisions was to relinquish the broadcasting rights for Thursday Night Football to Amazon for the 2022 season. This move was considered financially beneficial for the companies, as the audience for Thursday Night Football on Amazon was down 42% compared to when it was on Fox. Lachlan's success can be attributed to his experience and expertise in the industry, which he developed over the course of his career.

Lachlan's journey in the media industry began when he accompanied his father on a business trip to Australia at the age of 18. He started his journalism career there, eventually becoming the publisher of The Australian, Australia's first national paper. In 1996, he joined News Corp and held various positions within the company, including executive director, deputy chief operating officer, and senior executive vice president.

During his tenure as publisher of the New York Post from 2002 to 2005, Lachlan was praised for growing the paper's daily circulation by over 40% and overseeing the construction of a $250 million production plant. He also played a crucial role in News Corp's expansion outside of the print and TV news industry, leading the acquisition of a controlling stake in REA Group, an Australia-based real estate advertising site. This deal, which only required $2.5 million in cash from News Corp, gave the company a 61% stake in REA Group, which is now valued at $6.8 billion.

In 2015, Lachlan became the executive chairman of 21st Century Fox and played a key role in orchestrating the mega-merger with Disney in 2019. This merger, which involved a bidding war with Comcast, resulted in a sale price of $71.3 billion. Lachlan also oversaw the acquisition of Tubi for $440 million, which has since become the leading advertising-based video-on-demand service.

Aside from his roles at News Corp and Fox, Lachlan also launched his own venture, a private investment firm called Illyria Pty, in 2005. Through Illyria, he acquired half of DMG Radio in 2009, before purchasing the remaining 50% in 2012. The company was rebranded as Nova Entertainment and became Australia's leading network of FM stations, with Lachlan serving as executive chairman.

Lachlan is married to Sarah O'Hare, and the couple has three children. His younger brother, James, founded private investment company Lupa Systems, while his older sister, Elisabeth, serves as the executive chairman of Sister, a London-based TV and film production company.

Rupert Murdoch, the Australian-born media mogul, has spent nearly seven decades building News Corp and Fox into powerhouses that have transformed the media industry. In his new role as chairman emeritus, he will continue to be involved in the contest of ideas and will provide valued counsel to both companies. News Corp and Fox have both reported positive financial results, with revenue and profits exceeding expectations. The companies' share prices have also experienced increases following the announcement of Lachlan Murdoch's promotion.

Rupert Murdoch's career in the media industry began in 1952 when he inherited an Adelaide newspaper from his father. Over the years, he expanded his media empire through various acquisitions and strategic investments. His company, News Corporation, became a major player in the UK with the purchase of News of the World and The Sun. In the US, News Corporation acquired the New York Post, New York Magazine, and The Village Voice, among others. Murdoch also ventured into the film and television industry, taking ownership of 20th Century Fox and launching Fox Sports and Fox News.

One of Murdoch's notable achievements was the acquisition of Dow Jones in 2007, which included the Wall Street Journal. In 2013, he split his business into two separate entities, keeping the publishing assets under the name News Corp and spinning off the entertainment assets into 21st Century Fox. He later launched Fox Corp as a standalone company.

The Murdochs continue to be major shareholders in both News Corp and Fox Corp, with a significant voting stake in each. Rupert Murdoch's influence extends beyond his media companies, as he is also involved in organizations like the American Australian Association, which promotes stronger ties between the US and Australia.

As Lachlan Murdoch takes on the role of sole chair of News Corp and Fox, he will oversee a far-reaching portfolio that includes major media outlets such as The Post. His leadership and vision will guide the companies as they navigate the ever-evolving media landscape.