Thursday, August 04, 2005
Rupert Murdoch returns to the New York Post
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".
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