The New York papers were abuzz this weekend with the news of the split in the Murdoch clan. The Post, predictably, lauded the accomplishments of Lachlan Murdoch, the 33-year-old News Corporation scion and now ex-deputy chief operating officer. Just as predictably, the Daily News taunted its rival in the city’s tabloid wars by writing that Lachlan was "bailing out of the struggling New York Post amid talk of a family feud." The The Times and the Journal , meanwhile, play the story down the middle while digging deeper (go figure).
At age 74, Rupert Murdoch is preparing for the day when he will no longer be around to control the news behemoth with which he is so closely associated. There is no questioning Murdoch’s accomplishments, but the Lear-like drama being played out may damage the company’s reputation beyond repair. This episode leads one to wonder if, for all his business acumen, Murdoch may be doing his investors and his empire a disservice by relying too heavily on dynastic succession. As the Journal put it, "why should executive posts at publicly traded companies be passed on like heirlooms?"