A $19 Billion Empire Built On Scandal: The Murdoch Family (Documentary)

the road that you must walk to earn the right of entry into the old money Elite is not easy to navigate and along the way major sacrifices must be made to reach the true Zenith of financial stature some choose to sacrifice time with their family working late nights to provide others sacrifice their health overworking their bodies to grow their wealth however a small contingent of this High Echelon of society chooses to sacrifice something much deeper and more intrinsic to the human experience in their pursuit of an unparalleled Financial Legacy they appear to forgo fundamental ethical principles leaving behind what it means to play fair have compassion and think of the impact their actions may have on others instead they build their empire on in a word scandal in today's episode we look at a man who so toiling on the Quest for Financial Freedom sacrificed his relationship with a son audaciously breached the privacy of some of society's most valued citizens and manipulated political Landscapes via his media dominance as we describe the Murdoch family the $19 billion empire built on Scandal for most the name rert Murdoch needs no introduction and even in 2024 at the Twilight of his financial career he has more wealth than most could even dream of accomplishing his net worth for instance while not not officially known is estimated to sit around 122 billion in other words more money than most family trees have ever amassed combined and the majority of this Monumental wealth arose in 2019 after Murdoch sold the entertainment assets within one of his two major companies Fox Corp in a deal that reportedly totaled around $71 billion following this transaction his net worth skyrocketed to an extraordinary $19 billion after which which he distributed a large portion of his earnings to his children and before stepping down in late 2023 Murdoch was also the chairman of perhaps the most influential Media Company the world has ever seen although depending on where you live you may not have heard of News Corp the real influence of this company is in the media assets that it owns behind the scenes in his home country of Australia for instance News Corp owns over 150 publishing companies including the Australian The Daily Telegraph and the weekly times in the states Murdoch is a proud holder of household names such as Fox television The Wall Street Journal and DOW Jones and across the pond the company has unprecedented media influence holding virtually every major news Outlet such as Sky News the sun and the times such Holdings have not only significantly contributed to Murdoch's mind-blowing net worth but have also given him in Priceless influence in nearly every corner of the globe now at 92 years old you may expect us to say that in his personal life Murdoch enjoys the quieter home Comforts of a well-earned retirement however this couldn't be further from the truth in fact it's safe to say that Murdoch has embraced the old money lifestyle with every fiber of his being just look at his real estate portfolio for instance in 2013 Murdoch dropped a casual $28.8 million on an 8,000 ft mansion in Los Angeles fit with its own Vineyard and Winery it truly is an example of why the best things in life don't come free however this idilic Mansion is nothing in comparison to the penthouse Murdoch purchased in New York back in 2014 which broke the record for the most expensive house sale at $ 57.5 million spanning an entire floor of the apartment complex this Mega apartment overlooks the captivating beauty of lower Manhattan which Murdoch can view in any of his five bedrooms oh and if he ever needs some advice at the gym he can just go ask his neighbor legendary NFL star Tom Brady now when he's not looking down at the bustling streets of Manhattan Murdoch is viewing it up close in his Mercedes Maybach S600 a vehicle that personifies luxury and backs it up with a $200,000 price tag but but if that's not enough Prestige for you then how about his $400,000 Rolls-Royce Ghost black badge this thing has an interior made from bull leather because simple cwh hiide holds too many imperfections for something so luxurious however when you have properties in all corners of the World Air Rolls-Royce isn't going to cover your travel needs and so in 2012 Murdoch put an order in for his very own G650 private jet which cost Murdoch $84 million a transaction which he likely didn't even check his bank balance for more impressive still is Murdoch's most expensive luxury a $150 million super yacht because when you're as rich as Rupert Murdoch the idea of spending over $100 million on a single commodity doesn't bother you in the slightest and Murdoch's love for the Finer Things in life has clearly been passed down to his six children who between them have received billions of dollars from their father Lan Murdoch for instance has an even more impressive garage than his father consisting of a Bugatti Ferrari Lamborghini and several rolls-royces his insurance bill alone costs more than most people's houses Prudence Rupert's daughter has also engaged in the luxury lifestyle purchasing a $10 million house in Australia back in 2014 so looking from afar we're sure you can agree that the Murdoch's life looks like something out of a pleasant dream of course much of this image is a result of the Murdoch's control of the media an asset which they can use to paint themselves in the best possible light and build a picture of apparent Perfection to the world however if we peek behind the curtain and look at the true foundations of the Murdoch family you'll find that this picture isn't quite so perfect after all and to show you where it started we must travel back to 19th century Scotland this may come as a surprise considering that Rupert Murdoch himself is Australian born however the name Murdoch is actually of Scottish origin specifically from the Gaelic word mure which translates to C in fact melburn Australia didn't enter the picture for the murdocks until Rupert's grandfather Patrick Murdoch immigrated from Scotland in 1884 as a clergyman of the Presbyterian Church the murdocks were greatly respected and highly influential in Australian Society however you do not enter the church for the money and what the family had in status they lacked in financial stability and so when Rupert's father Keith Murdoch was born in 1885 he entered an ironic limbo that few can relate to despite being respected in society and growing up with the wealthiest children in 19th century Melbourne Keith did not know what it meant to have money everyone around him was abundantly Rich yet his family was still unable to buy him new clothes clearly the financial instability that Keith became well accustomed to in his adolescence fueled a burning passion to achieve greatness as he grew out of his childhood years after finishing his education at Oxford in Britain Keith set his sights on a career in journalism which he believed would give him both greater power and influence in Melbourne as well as the financial gains that his father was largely unable to achieve however Keith suffered from a terrible speech stammer which made this career unlikely at best nevertheless fueled by a determination to make something of himself he was able to secure a job with the Australian newspaper company the age in the early 1900s yet despite the successes that Keith achieved at the age his stammer overwhelmingly debilitated his ability to rise through the ranks as an influential reporter and so in 1908 Mur do traveled to London England in an attempt to both cure his speech impediment and gather experience at Fleet Street London's equivalent of the Hollywood Boulevard for the budding journalist the process took 3 years but Keith was eventually able to manage his stammer and traveled back to his hometown of Melbourne in 1911 armed with a newfound ability to control a room with just his voice the following years saw Keith Murdoch reach New Heights in the Australian journalism scene as as his influence in journalism grew Keith began to socialize in the realm of politics growing close with several leading politicians in Australia a trait which has since been passed down the family line the following events of World War I then painted a perfect scene for Murdo to increase his political influence in 1915 for instance he was transferred to London residing as managing editor of the United cable service with his Newfound role of influence in Britain Murdoch was able to intercept a private letter addressed to the Prime Minister which detailed the events of the Allies tactical disaster at galipoli with this information he wrote an original news piece which was viewed by high- ranking British politicians as well as the Prime Minister of Australia armed with even greater political influence as a result of this tactical play the remainder of the World War I years saw Keith act as an intermediary between British and Australian politicians and upon his return to Melbourne in 198 18 was one of the most sought-after journalists in the country Murdoch was so respected in the media World in fact that by 1921 he' been promoted to Chief editor of melbourne-based publisher The Herald a role that brought with it the financial rewards Murdoch had been searching for for decades and finally gave him the resources to start acquiring various media outlets for example in 1929 Murdoch acquired the Adelaide Advertiser and throughout the following years acquired various other newspapers and radio stations but another key date in this timeline is 1931 when Keith and his wife Elizabeth gave birth to a son Rupert Murdoch with a son Keith had an heir to his Empire and with a vision of the Murdoch Legacy firmly in his mind he sent rert to study in Oxford England as he had done so many years ago Rupert's early life was therefore spent away from both his family and Home in the pursuit of knowledge and his father's approval he eventually achieved an MA in economics and political sciences at Worcester College in 1953 and quickly started his career in journalism writing for the Daily Express after his graduation consequently ignited by the passion instilled by his father rert and journalism were a match made in heaven he quickly dialed into a newer more radical form of Journalism which confronted taboo subjects headon rather than deliberately avoiding them as so many news outlets did in the 40s and 50s however Rupert's career in London came to a sudden grinding halt in 1954 when he received news that his father had unfortunately passed away fired on both grief and entrepreneurial Spirit rert rushed back to Australia to take over the family business notably the Adelaide which his father had built to reach an audience of 75,000 in Southern Australia at just 21 years old Rupert Mur had a lifetime to build upon his father's Legacy and he did not waste a second Murdoch immediately injected his risque Brash journalism style into the Adelaide throughout the 50s which almost immediately started to improve the company's readership figures business continued so smoothly in fact that in the early 60s Murdoch was able to buy several notable Australian newspapers through News Corp such as perth's Sunday time and Sydney's Daily Mirror 1964 brought more expansion as Murdoch founded the Australian and National newspaper aimed at improving the already wide reach of the Murdoch Empire 1969 marked another pivotal moment in the career of Murdoch as he ventured into the UK by purchasing a majority interest in Sunday tabloid News of the World with this foothold in British journalism Murdoch quickly grabbed attention with his promiscuous headlines that contrasted with the quiet and refined nature of standard British journalism at this time Murdoch's conservative views also started to surface through his journalism only making him a more polarizing and ultimately popular figure British domination continued in 1970 after Murdoch acquired the Sun a newspaper that was and still is one of the most popular in the United Kingdom with a firm foothold in both Australian and British Outlets Murdoch set sites on a new territory one much bigger and one which had the potential to bring his Empire to unprecedented Heights the United States you see his Conquest began in 1973 in San Antonio Texas with the acquisition of two newspapers of course Murdoch aroused immediate attention with his salacious Scandal journalism style which was unheard of in such a deeply Christian State and as was expected readers quickly fell in love with this style of Journal ISM finding it both freshh and secretly exciting Murdoch continued his strategy of buying established yet affordable news outlets in America throughout the 70s and dramatically increased their reach influence and profitability with his polarizing headlines and bullish content the most notable of these Acquisitions was the New York Post which he purchased in 1976 business only continued to grow in the early 80s particularly in the British Market as Murdoch acquired London's the times and Sunday Times giving him approximately 40% of the publishing power in Britain but none of this was enough for Murdoch sure he had gained a strong foothold in traditional media Outlets but he had barely even considered television a medium which was only ever gaining popularity and soon Murdoch felt he needed a piece of this relatively new form of media to extend his influence even further thus in 1985 he made a risky move acquiring the 20th Century Fox Corporation with the intention of creating his very own TV Network now in 1985 TVs didn't exactly have thousands of channels like they do today no the story was much different in fact there were just three NBC ABC and CBS these channels were etched into the market and Murdoch's decision to try to compete with these Titans of Television was either incredibly Brave or incredibly stupid the decision turned out to be the former launching just a year after the initial acquisition Fox network was an instant hit with the US market and a large reason for Fox's success was another genius tactic employed by Murdoch instead of appealing to the conservative upper crust Echelon of society he targeted groups that received less representation The Simpsons for instance while a funny eat with dinner show for many was the only TV show that represented the realities of a middle class dysfunctional family for others similarly In Living Color resonated with audiences of multiple ethnicities therefore Murdoch simply always found a way to stand out from the blank wallpaper of traditional media and this strategy helped him to Garner unprecedented amounts of attention with whatever News Corp released and Murdoch's acceptance rather than bold dismissal of technological innovation further helped his company not only to stay relevant but rapidly grow throughout the '90s and early 2000s in 1990 for instance Murdoch initiated a merger between his company sky and its rival British satellite broadcasting to form British Sky broadcasting such a move allowed him to take advantage of satellite television in the UK further Innovation followed across the pond in 1996 with the launch of Fox News which ran off all new cable technology and was branded as an outlet which told the real story rather than a misinterpreted picture fed by the political Elites Murdoch even embraced the rise of the then relatively unknown internet which was shunned as a mere phase by so many other media companies he for instance acquired the infamous social media platform Myspace in 2005 for a staggering 580 million and despite the platform later tanking drastically such ambition showed that Murdoch News Corp were not afraid of technological innovation rather they embraced it fully fast forward to the mid 2000s and Murdoch was at the peak of his power the man had influence in every corner of the globe from Texas to Hong Kong and with the ability to direct public opinion at such a Monumental scale also brought another Priceless power the ability to influence politics over the following years this power came to arguably displace murder morals and tarnish his entire family Legacy without a doubt one of the most significant scandals associated with Rupert Murdoch's media Empire was what is now simply called the phone hacking Scandal a dearle that not only tested the ethical boundaries of Journalism but also laid bare the vulnerabilities within Murdoch's conglomerate at the epicenter of this controversy was the news of the world a tabloid with a lineage tracing back to Murdoch's news corporation it was unveiled that the publication had indulged in illicit activities stretching from phone hacking to bribing police officers all in the pursuit of Sensational stories and the breadth of this intrusion was staggering targeting a spectrum from celebrities and politicians to private citizens catapulted into the Limelight by personal tragedies even more shockingly among the individuals whose privacy was breached were Millie Dowler a school girl who was killed relatives of deceased British soldiers and survivors of the 7th July 2005 London bombings The public's discovery of these invasions sparked widespread indignation and led to a domino effect of resignations within the Murdoch Empire in a symbolic gesture of accountability Murdoch relinquished his role as director of news corporation and the Scandal culminated in the cessation of the news of the world in July 2011 furthermore a parliamentary select committee's report in May 2012 delivered a scathing verdict on Murdoch's leadership accusing him of exhibiting willful blindness towards the misconduct within his companies and questioning his suitability to helm a major International entity however this criticism wasn't just a fleeting issue it has been a shadow trailing Murdoch's Ascent since the 1990s additionally the 2016 allegations of harassment within Fox News news one of the most glaring stains on Murdoch's Empire further illustrate the challenges indeed the case against Roger ALS the Network's former CEO initiated by Gretchen Carlson's lawsuit uncovered a Pandora's box of similar accusations painting a grim picture of the work environment and Megan Kelly's Revelations about A's conduct a decade prior only added fuel to the fire this Saga not only claimed a culture of harassment but also raised question about the mechanisms such as non-disclosure agreements and arbitration clauses used to muffle the voices of the agreed despite settling a lawsuit against Bill O'Reilly for $32 million and then controversially renewing his contract Murdoch dismissed the Uproar as largely political attributing it to the Network's conservative leanings amidst this tumult Murdoch's Enterprise once a symbol of media prowess has become emblematic of the the inherent risks of concentrating too much power within a single media entity indeed media simply isn't a market where a monopoly is an ideal outcome sure in Commerce a giant like Amazon May disrupt sales of local brick and mortar businesses however as a consumer you're still free to shop where and how you want it's just the convenience of online shopping that convinces you to make the switch but the same is not true in the context of the media as human we change our opinions on topics based on the information we have available much of which is fed to us through the media if there are lots of media companies giving many political opinions then it falls to our own judgment to pick which we think is correct but when this competition is taken away and only one political opinion is given to us the reality is that we will be more likely to side with that argument therefore Murdoch's media Empire has been seen to attack the intrinsic value vales of Freedom of Information thought and speech and such an attack has not sat well with those in the firing line in Australia for example a petition was formed against Murdoch in 20221 regarding his overwhelming 70% control of the Australian media concerns professed by former prime minister of the labor party Kevin Rudd Rudd has suggested that with such control of the media Murdoch is able to assert his conservative views on the electorate thereby giving the conservative party an unfair advantage in elections several publicly played out family scandals have also tarnished the rather fragile Public Image of the Murdoch family primarily Rupert and his son James had a major disagreement over the effects of climate change to which rert suggested there was no need to worry their views were so contested in fact that in 2020 James made the decision to resign from his extremely well-paying role as director of News Corp this event has only reinforced in many Minds The View that rert Murdoch is nothing more than a manipulative profit driven individual who will use his power and influence to improve his own financial situation no matter the repercussions on others now Rupert Murdoch's Journey Through the landscape of personal relationships is as multifaceted as his media Empire marked by a series of marriages that have captivated public attention his foray into matrimony began at 25 with Patricia Booker a flight attendant and part-time model from Adelaide despite the disapproval from his mother their Union in 1956 brought Murdoch into the realm of family life heralding the arrival of their daughter Prudence in 1958 next the dissolution of his first marriage in 1967 paved the way for Murdoch's second chapter with Anna Murdoch man a Scottish journalist he encountered through a professional interview this partnership lasting 32 years and producing three children stood as Murdoch's longest matrimonial chapter until its conclusion in 1999 amidst speculation of Murdoch's infidelity and not long after his separation from Anna Murdoch entered into marriage with Wendy Deng in 1999 a union that began when ding was an intern at Star TV part of Murdoch's news Corp despite the significant age difference their marriage lasted 14 years and welcomed two daughters Grace and Khloe before ending in 2013 Murdoch's romantic Ventures continued with his marriage to Jerry Hall in 2016 following an introduction by his family members in Australia this chapter lasted 6 years concluding with Hall's divorce filing in June 2022 which was finalized by August of the same year then in a Twist of events in 2023 Murdoch announced his engagement to Anne Leslie Smith a conservative radio host only to call it off Weeks Later reportedly due to differences over Smith's political and Evangelical stances following this Murdoch was linked to Elena Juka a retired scientist and ex- relative by marriage to Roman Abramovich spotlighting their Association during a Mediterranean outing and so Murdoch's personal life characterized by its public visibility and the Intrigue of his relationships has paralleled the dynamic and influential trajectory of his career thus in September 2023 at the age of 92 Murdoch made the significant decision to step down as chairman of News Corp adding yet another notable chapter to his storied life and with James gone The Heir Apparent to the Murdoch Legacy is Rupert's eldest son Lan he's now taken over his father's role as managing director of the parent companies Fox Corp and News Corp which were split in 2013 however Lan's power is fragile at best and is cemented only as long as his father is alive this is because upon Rupert's passing the Murdoch Family Trust will take effect this trust effectively splits the Holdings of both of Rupert's companies equally between his four children Lan James prudence and Elizabeth by splitting the companies in this way Rupert's death May create a landscape in which the four children are engaged in a high stakes drama reminiscent of HBO's succession the very show influenced by the real life dynamics of the Murdoch family and again just like Logan Roy's character on the iconic series the children have publicly noted that throughout their childhood rert chose to create competition in the family inspiring rivalry rather than collaboration furthermore the two sons Lan and James have never exactly seen eye to eye when James publicly left his position as director and heir to his father's Empire Lan seemed to side with his father and has since in his capacity as executive of News Corp and fox Corp done nothing to address his brother's concerns about climate change and what of the daughters well Elizabeth when given the chance in 2011 Flatout refused to join the board of directors at News Corp furthermore she has since expressed no desire to pick up her father's Empire instead choosing to form her own Media Group Prudence has likewise expressed little interest in taking the full Reigns of the Murdoch Empire opting to spend the majority of her career as a board member of the times subsidiary thus it is ultimately likely that Lan will be the one to carry forward his father's immense Empire he by siding with his father in the media and taking control when James left the company has painted himself in the best light in the public eye furthermore he is the most like by his father and envisions Rupert's ideology thoroughly finally as the executive of the two companies he clearly has more de facto power than any of his siblings and will in all likelihood continue his position upon the death of his father ultimately the legacy of the Murdoch family has spanned centuries and through its media power the family has influenced politics birthed scandals and tested morals in the pursuit of Power with llan now at the wheel one can only imagine what the future of the Murdoch Legacy will look like and now we'd like to see you in the comments which media Mogul or Tech Titan would you like us to cover next on this channel we've already made deep Dives on Elon Musk Jeff Bezos and now rert Murdoch shoot us some ideas below of what you'd like to see and we'll get to work on it thanks again for your continued viewership and cheers until next [Music] time

Channel: Old Money Luxury

Views: 31,806

Keywords: luxury, old money, old money luxury, new money, billionaire, millionaire, rupert murdoch, rupert murdoch interview, rupert murdoch documentary, rupert murdoch speech, rupert murdoch biography, rupert murdoch net worth, who is rupert murdoch, how old is rupert murdoch, fox news, news corp, murdoch, media, news, newspapers, trump, journalism, australian news, lachlan murdoch, succession, wall street journal, abc news, fox, cbs, james murdoch, digital content, scandal, new york post, bailout

Id: KQzeUU1VDPw

Length: 29min 8sec (1748 seconds)

Published: Sun Feb 18 2024