[Edition 78] With his recent elevation to being head of BSkyB, James Murdoch has become the new favourite to take over the reigns of his father’s empire and run it into the ground.
[Edition 78] LONDON, Tuesday: James Murdoch has become the new favourite to take over the reigns of his father’s empire and run it into the ground. James’ elevation to the head of British satellite broadcaster BSkyB comes as a setback to brother Lachlan who had been considered the favourite to squander his father’s billion dollar fortune.
Shareholders of BSkyB reacted with anger upon James’ appointment.
“We understand that every Murdoch had to be given the chance to prove that he can ruin a company,” said one shareholder, “but why does it have to be ours”.
Until James’ appointment his brother Lachlan Murdoch was seen as a hot favourite to take over after he showed gross incompetence in investing in OneTel. But the opportunity to ruin a major company in the crucial UK market could give James the advantage over his elder brother.
James has defended his appointment, maintaining that he got the job on his merits by submitting a curriculum vitae.
“‘Son of Rupert Murdoch’ was no bigger on my CV than ‘college drop-out’. I don’t want to be accused of nepotism,” said James. “And if anyone does accuse me of nepotism they can take it up with my father,” he added.
Meanwhile Rupert Murdoch has refused to anoint a successor and has largely ignored the jostling for position amongst his children.
“As far as I’m concerned all my children have got a chance to take over, even Grace and Chloe,” said Rupert, referring to his two new children had with his third wife Wendi Deng. “They may only be 4 months and 2 years old but they’ve still shown the same amount of promise as the others.”
While the majority of market analysts now prefer James over Lachlan many still prefer an extended vitriolic legal battle between all Rupert’s children as the most effective way to ruin the Murdoch empire.