According to a 1998 profile of Lachlan, he sometimes woke up before dawn as a child to have breakfast with his father before he left for business meetings.
Rupert Murdoch and his son Lachlan Murdoch (left) attend the 2018 tennis US Open on Arthur Ashe stadium at the USTA Billie Jean King National Tennis Center on September 5, 2018 in Flushing Meadows, Queens, New York City.
Jean Catuffe/GC Images
He would also stay up late listening to Rupert talk business strategy at the dinner table "with famous guests," according to the profile.
Growing up, Lachlan was educated at elite private schools like Trinity School in Manhattan, and Phillips Academy Andover in Massachusetts. He graduated from Aspen Country Day School in Colorado.
Facebook/phillipsacademy
Lachlan was reportedly a member of the "Conservative Society" at Trinity, a club formed to address "a definite imbalance of political ideology in the school community," according to the school's yearbook.
When Lachlan was 19, he went to London at his father's request to observe the British Sky Broadcasting merger.
Westminster Abbey in London on July 11, 2020.
JUSTIN TALLIS/AFP via Getty Images
Lachlan told The New York Times Magazine, "I wanted to put my arms around him and hold him up," about seeing his father stressed during the merger because of the debt hanging over News Corp.
His father successfully navigated the deal, and Lachlan reportedly never talked about the moment with Rupert again.
In 2005, Lachlan resigned from his role as deputy chief operating officer of News Corp amid reported tensions between company executives and his family.
He moved back to Australia where he launched the investment firm Illyria through which he invested in media entities like Nova Entertainment, a radio station group.
Murdoch moved to Sydney after resigning from News Corp.
In 2014, after seeing some success and some failure after venturing out on his own, Murdoch returned to the family business as the non-executive co-chairman of both 21st Century Fox and News Corp.
In 2016, Lachlan and his brother, James, worked together to oust Fox News co-founder Roger Ailes from the company after allegations of sexual harassment surfaced against Ailes.
James and Lachlan, however, have had their differences. James has reportedly been critical of the "alternative reality" that Fox News has created and his brother's role in allowing it to persist. The brothers reportedly aren't on speaking terms.
Lachlan Murdoch (left) and James Murdoch (right) don't speak to one another anymore, Vanity Fair reported.
In 2019, Disney acquired 21st Century Fox— the entertainment wing of the Murdoch media empire— for $71.3 billion. Lachlan became the chief executive of Fox Corp, a new entity that spun out of the deal that includes Fox News.
Lachlan was reportedly not in favor of the Disney deal, and at the time of the deal, worried that it was rushed and undervalued the company's assets.
Drew Angerer, Getty images
The Disney deal also reportedly exacerbated tensions between James and Lachlan — the latter believed the deal was eroding what could end up being his future media empire. "Lachlan's whole self-image was that he was going to be the next Rupert," a person close to Lachlan told Vanity Fair.
Rupert Murdoch netted $12 billion from the Disney deal and gave each of his six children $2 billion. Lachlan ultimately spent $150 million to buy the 25,000-square-foot Bel Air estate featured in The Beverly Hillbillies— the highest price in California history.
The ritzy Los Angeles community of Bel Air is accessed through two sets of main gates.
gregobagel/Getty Images
Aside from his mansion, Lachlan is known for leading a luxurious lifestyle, owning multiple estates, custom built sports cars, and multimillion dollar yachts.
In 2017, Lachlan paid $29 million for a large equestrian property in Aspen. Based on the property listing, luxury real estate listings site Mansion Global reported that the main home is a 13,500-square-foot property with six bedrooms. There is also a two-bedroom, two-bathroom guest house, a 300-bottle wine cellar, two outdoor kitchens, a gym, and an art gallery.
Over the past few years, Lachlan has been leading Fox Corp. He worked remotely from Australia for a stretch of the pandemic.
REUTERS/Brendan McDermid
In 2020, he acquired the streaming service Tubi, doubling its monthly users in a year. Murdoch has also extended the Fox News brand into weather, lifestyle, and book imprints.
Murdoch has also said that he's eager to build a "blank sheet" as CEO whilst keeping his father, Rupert, as a sounding board.
Lachlan also helmed Fox Corp through tumultuous news cycles and long defended the controversial remarks of Tucker Carlson, anchor of the primetime Fox News show, Tucker Carlson Tonight.
On Monday, in a surprising turn of events, Fox News fired Carlson. The decision was jointly made by Lachlan and Fox News CEO Suzanne Scott on Friday, Insider's Claire Atkinson confirmed.
21st Century Fox co-chair Lachlan Murdoch in Sun Valley, Idaho.
Prior to the settlement though, texts revealed through the discovery process showed Carlson disapproved of the company's news division and management, was skeptical of the network's coverage of the election, and had strong critiques of Donald Trump.
Shortly after Biden was declared the winner of the 2020 election, Carlson texted other employees saying, "Do the executives understand how much trust and credibility we've lost with our audience? We're playing with fire, for real."
Lachlan's net worth isn't clear, but he received $21.7 million in total compensation as Fox Corporation CEO in 2022.
REUTERS/Brendan McDermid
Lachlan's base salary for fiscal year 2022 was $3 million, according to Fox Corporation's public filings. Overall, his total compensation for fiscal year 2022 was $21,748,681. In 2021, his total compensation was higher, at $27,675,399.
Rupert Murdoch and his family have a combined net worth of $17.3 billion, according to Forbes.
A representative for Lachlan Murdoch did not immediately respond to Insider's request for comment ahead of publication.
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