Word: lachlan
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...excelled as models. And as the sons of Australia's two greatest media moguls, both know what it's like to have money - and to blow large sums of it. And yet ... "I couldn't imagine two more different people," says a Sydney lawyer who's worked closely with Lachlan Murdoch and James Packer over the years. "James has the softness of his mother, but he's extraordinarily numerate and has a bonhomie that he got from his old man. Lachlan is measured, reflective, highly intelligent. There's a hint of clean-cut, Princeton guilelessness about him, but there...
...stretch to see the venture as two men trying to step out from the shadows of their fathers. On Boxing Day 2005, the brilliant, belligerent Kerry Packer died, giving James control of Publishing and Broadcasting Ltd., the multibillion-dollar family empire. Five months earlier, Lachlan had abruptly quit as News Corp.'s third highest-ranking executive in New York City, convinced he was being overruled by underlings. According to a source, he complained to his father, News Corp. chairman Rupert Murdoch: "What's the point of me being here?" The young Murdoch and his wife, Sarah, returned to Sydney...
...issues is whether the young Murdoch is acting alone through his private investment company, Illyria, or in part for News Corp., of which he remains a nonexecutive director. Having done the sums on Murdoch's estimated $1 billion equity contribution to the bid, business author Neil Chenoweth says, "For Lachlan to be doing what he's doing, family money has to be involved." Then again, Chenoweth concedes that it's unclear how much Murdoch's main backer, SPO Partners, a private investment firm based in San Francisco, is putting up. Lachlan is adamant: "This is completely my own transaction...
...franchises, whose co-owners include Lachlan Murdoch and Bollywood actress Preity Zinta, will compete in the newly-conceived Indian Premier League, which is ostensibly owned by Indian cricket's governing body. Sony Television has paid around $1 billion for the exclusive rights to televise 10 years of IPL tournaments, the first of which starts April 18 and goes for six weeks. While it's probably advisable at least to try not to sound like a self-righteous fuddy-duddy when examining this enterprise, it's all but impossible for anyone with the faintest appreciation of cricket's traditions...
...just the sort of worry that rankled investors in the early days of James' reign. Of course, if he can continue to add subscribers--and keep profits moving up--maybe that won't matter. It may even help him leap ahead of brother and New York Post boss Lachlan, 33, for Pop's ultimate gift: succession to the News Corp. throne. --By Mark Halper/ London