Rupert Murdoch has presented his eldest son, Lachlan, to News Corp shareholders as the man who will lead the media company to “a very prosperous and bright future”.
However, everything was not entirely rosy at the sparsely attended annual general meeting.
The meeting was held on Murdoch’s Fox Studios lot, with shareholders required to meet in a car park off site, undergo a security check, travel by bus to the lot, undergo a second security check, before entering the Zanuck Theatre.
Just six shareholders and one journalist attended, although it was streamed on the internet.
While Lachlan Murdoch, 43, News Corp’s non-executive chairman, did not speak during the 40-minute meeting, and younger brother James was in New York for a charity commitment, Rupert Murdoch, the executive chairman, and chief executive Robert Thomson, offered upbeat assessments of the company.
“We still firmly believe in the power of print,” Thomson said.
News Corp includes News Corp Australia’s stable of newspapers including The Australian, Herald Sun and Daily Telegraph, the UK’s The Sun and The Wall Street Journal and New York Post in the US.
Murdoch split News Corp from his broadcast assets last year, creating two companies – News Corp and 21st Century Fox.
Lachlan Murdoch retreated from his position within the family company in 2005, but his father welcomed him back into the fold and elevated him to the non-executive co-chairman position.
Rupert Murdoch said splitting the old News Corp into two companies reminded him “of the excitement and nervousness” he felt when he took over News Ltd in Adelaide in 1953.
“That’s why I’m particularly proud today to be sharing the stage with my eldest son Lachlan, who is co-chairman,” Murdoch told the meeting.
“It is a very special thing to be fortunate enough to work side-by-side with Lachlan who has proven himself to be a talented and successful executive in his own right here and in Australia and will lead us to a very prosperous and bright future.
“As you get to know him better you will share my and the board’s belief you could not have found a more passionate, committed chairman.”
Murdoch, his two sons, Thomson and other directors were all re-elected at the meeting.
