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The board of News Corp (ASX:NWS) has announced Lachlan Murdoch will become non-executive co-chairman of News Corp.
He will share the chairmanship of both News Corp and 21st Century fox with his father Rupert Murdoch. The move has been widely touted as clear indication of the media mogul’s succession plans.
Rupert Murdoch said this appointment is a sign of confidence in the growth of News Corp and a recognition of Lachlan’s entrepreneurial leadership and passion for news, digital media and sport.
News Corp publishes a string of major newspapers in Australia, the US and the UK including The Daily Telegraph, The Australian and The Wall Street Journal. It also has a major interest in FOXTEL pay TV service.
News Corp reported a net profit of $227.98 million in the first half of the 2014 financial year.
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