Results matching “lachlan murdoch”

Indonesian media, property, infrastructure and banking tycoon James Riady is to shortly launch a new daily newspaper in Indonesia, the Jakarta Globe. The new newspape for Indonesia  was reported on back in August, but it has emerged that it will hit the market soon.

News Corporation executive Lachlan Murdoch - son of Rupert Murdoch - is also reportedly taking an interest and looking at other media investments in Indonesia with Riady.

The 48-page, full-colour English-language broadsheet newspaper will initially just be distributed in large Indonesian cities and Singapore, with a print run of "over 50,000", according to launch editor David Plott. Plott is a former editor-in-chief of the Hong Kong-based Far Eastern Economic Review.

Plott says, "Indonesia's a little like India, in the sense that it's a market where print publications are still quite profitable and there's still quite a lot of growth potential; in terms of advertising it's a $US3 billion a year market."

The competition for the new player in the market will be the Jakarta Post, an English-language daily with circulation of 18,000 copies. It will also have an online version; however, issues surround the name jakartaglobe.com, as a local news aggregator already operates under the name.

There have been significant challenges for the newspaper with retraining staff, as "Newspapers aren't what they used to be. You can't survive by just reporting what happened, particularly in Indonesia, where things aren't always what they appear to be, and what's actually going on behind events is not clear to anyone except insiders."

Source: The Australian via IFRA Executive News Service

According to Reuters Rupert Murdoch will take the position as publisher at the New York Post, the oldest continuously published daily in the US (since 1801). Rupert Murdoch had this position already from 1976 to 1986. The move comes after his son Lachlan Murdoch resigned from his post at News Corp., which included being publisher of the New York Post, last week (see former postings here and here). According to Le Monde (in French) Rupert Murdoch's return is rather symbolic to reassure the staff who are facing severe competition from New York Daily News. James Murdoch, Rupert's sun No. 2,said on Wednesday that he will stay at his job at BSkyB, the satellite TV business, after "investors worried that, following the resignation of his brother Lachlan from News Corp, James would move to New York", reports thisismoney.co.uk .

Meanwhile the New York Times reports that Lachlan Murdoch will "receive a cash separation payment that could exceed $8 million." Lachlan Murdoch has been publisher of the New York Post for the last five years, "but failed to stop it from hemorrhaging a reported $70 million a year", writes concurrent New York Daily. However, circulation went up 40% while he was publisher reports Le Monde. As stated by Smartmoney Lachlan will become a company consultant: "Lachlan will advise and consult with News Corp. for a two-year period beginning on the date of resignation, or Aug. 31".

Sources: Reuters, Le Monde (in French), New York Times , New York Daily, thisismoney.co.uk, Smartmoney

Like his father Lachlan Murdoch's first love were newspapers. "As a schoolboy he took summer jobs that included a stint cleaning the presses in Sydney and time as a subeditor on the Sun and the Times in Wapping," reports the Guardian. In an interview with Editor & Publisher Lachlan Murdoch said in 2002: "I grew up every morning at the breakfast table with my dad flipping through the New York newspapers. Back then, papers were everything." In contrast sister Elisabeth is said to be "wedded to broadcasting" while brother James is a "self-confessed technology zealot" (see the Guardian).

As New York Business reports "News Corp. deputy Chief Operating Officer Lachlan Murdoch ... resigned from his father Rupert Murdoch's flagship media company" and will step down by August 31. He was seen as a possible heir to his father's leadership of News Corp. According to NEWS.com.au Lachlan Murdoch stated: "I look forward to returning home to Australia with my wife, Sarah, and son, Kalan... I will remain on the board and I am excited about my continued involvement with the company in a different role." According to Business Week Ruport Murdoch said: "I was particularly saddened by my son's decision and thank him for his terrific contribution to the company."

Sources: New York Business,News.com.au, Business Week