Media industry veteran Rupert Murdoch has brought back his elder son Lachlan to oversee his multi-billion dollar empire, appointing him as non-executive co-chairman of both News Corp and 21st Century Fox Inc.
"This appointment is a sign of confidence in the growth of News Corp and a recognition of Lachlan's entrepreneurial leadership and passion for news, digital media and sport," Rupert Murdoch said in a statement on Wednesday.
"In the elevated role, Lachlan will help us move News Corp forward as we expand our reach and invest in new technologies and markets around the world,” he added.
Meanwhile, Lachlan—who worked with News Corporation between 1994 and 2007 in various roles—stated that he is looking forward to work closely with his father, News Corp chief executive Robert Thomson and the entire team.
“News Corp today has the energy and sensibility of a start-up and is at the cutting edge of change in the media, publishing and education industries, and much more,” Lachlan added.
In his last role at News Corp, Lachlan, who is 42, worked as deputy chief operating officer of News Corp. Thereafter, he left the group and made his own investments in companies like DMG Radio Australia and Ten Network through his media group Illyria.
He also partnered with others to buy a stake in Rajasthan Royal, one of the teams in the T20 local cricket circuit Indian Premier League.
Media tycoon Rupert Murdoch has also elevated his younger son James Murdoch as co-chief operating officer of 21st Century Fox. James had stepped down as chairman of British broadcaster BskyB two years ago, following a parliamentary investigation into phone hacking scandal.
News Corp runs newspapers like The Australian, The Wall Street Journal and The Daily Telegraph, along with a 50 per cent share in pay-television service Foxtel. Besides, 21st Century Fox owns United States television network Fox, 20th Century Fox film studios and a large holding in British broadcaster BSkyB.
(Edited by Joby Puthuparampil Johnson)