Rupert Murdoch, the Australian-born media tycoon, has an estimated net worth of $19 billion as of 2024. Murdoch made his fortune as the founder of News Corp, a global media conglomerate. His portfolio includes influential outlets such as Fox News, The Wall Street Journal, The Times, HarperCollins, and Sky News Australia. Although originally from Australia, Murdoch became a U.S. citizen in 1985, renouncing his Australian citizenship. Today, at 93 years old, Murdoch remains one of the most powerful figures in global media, shaping public discourse through his extensive media empire.
Early Life and Rise in the Media Industry
Born Keith Rupert Murdoch on March 11, 1931, in Melbourne, Australia, he was the son of prominent journalist Sir Keith Murdoch. After his father’s passing in 1952, Rupert, then 21 years old, inherited the family’s newspaper business in Adelaide, which marked the beginning of his vast media empire.
Murdoch quickly expanded his holdings, acquiring and transforming struggling newspapers into profitable enterprises. His first major success came with The News, an Adelaide-based newspaper, which he modernized and used as a stepping stone to acquire more newspapers across Australia. By the 1960s, Murdoch had gained a foothold in the British media market, purchasing News of the World and The Sun, which he turned into tabloid powerhouses.
Expansion into Global Media
Murdoch’s rapid expansion saw him enter the U.S. media landscape in 1973, when he acquired the San Antonio Express-News, followed by the New York Post in 1976. His acquisition spree continued in the 1980s, culminating in his 1984 purchase of 20th Century Fox. He soon launched the Fox Broadcasting Company in 1986, disrupting traditional American television networks.
Disney Acquisition and Shift in Holdings
In 2019, Murdoch orchestrated the sale of 21st Century Fox to Disney for $71 billion. This deal left Murdoch with a 17% stake in Fox, translating to approximately $12 billion in Disney stock. The sale also benefited his children, who collectively received $10 billion from the transaction.
Following the Disney deal, Murdoch retained control over Fox Corporation, which includes major assets such as Fox News, Fox Broadcast Network, The Wall Street Journal, and The Times of London. His 39% ownership stake in Fox Corporation is currently valued at around $4 billion.
Controversies and Legal Battles
Despite his business success, Murdoch has been entangled in numerous controversies. In 2011, the phone hacking scandal involving News of the World rocked the media world. Murdoch’s company was accused of hacking into the phones of celebrities, politicians, and even members of the British royal family. The scandal led to extensive investigations by the British government and the FBI, forcing Murdoch to step down from his role as director of News International.
In addition, Murdoch was one of the high-profile investors duped by Theranos, the now-infamous fraudulent blood-testing startup run by Elizabeth Holmes. He reportedly invested $125 million, which was ultimately lost when the company collapsed.
Family and Personal Life
Murdoch has been married four times:
- Patricia Booker (1956–1967)
- Anna Maria Torv (1967–1999) – Divorce settlement: $1.7 billion
- Wendi Deng (1999–2013) – Married 17 days after his previous divorce
- Jerry Hall (2016–2022) – Former wife of Mick Jagger
He has six children, many of whom have played roles in his media empire. His sons, Lachlan and James Murdoch, have been actively involved in the family business, though James has distanced himself from some of his father’s media ventures.
Real Estate Empire
Murdoch’s vast fortune extends beyond media into real estate investments. His holdings include:
- Beverly Hills, California – Sold to his son James Murdoch for $30 million in 2015.
- Manhattan, New York – Purchased three Porter House building units (2012–2014) for $12.85 million, later listing them for $22 million.
- Upper East Side, NYC – Bought a 12,000-square-foot Georgian townhouse for $23 million in 2011.
- One Madison, NYC – Acquired two luxury units in 2014 for $58 million, listed in 2022 for $78 million.
- Bel-Air Vineyard Estate, Los Angeles – Purchased for $28.8 million in 2013. The estate includes a working vineyard known as Moraga Vineyards.
- Montana Ranch – In 2021, he purchased Beaverhead Ranch, a 340,000-acre estate for $200 million, marking Montana’s largest ranch sale in history.
- Central Park South, NYC – Bought a 6,500-square-foot penthouse in 2023 for $30 million.
- Brentwood, LA – Acquired a $40 million mansion in May 2024.
Rupert Murdoch’s Legacy and Influence
Murdoch’s media empire has profoundly influenced global journalism, politics, and entertainment. His control over news outlets has led to criticism regarding political bias and tabloid journalism. However, his business acumen has redefined media consumption across multiple generations.
At 93 years old, Murdoch continues to exert considerable influence over the media industry. While his $19 billion net worth secures his status among the world’s wealthiest individuals, his legacy is equally defined by his business decisions, political influence, and controversies.
As the media landscape evolves, Murdoch’s role in shaping the industry remains unparalleled. With Fox Corporation still under his control, his impact on journalism and entertainment continues to resonate globally.