Rupert Murdoch’s Unfinished Business Falls to His Son, But Not Really

Few things are messier in corporate life than a succession involving the halfhearted departure of a company founder—except, maybe, for one that also features contentious sibling dynamics. Just ask the Murdoch clan.

On Sept. 21, Rupert Murdoch, 92, announced he was stepping down as chairman of News Corp. and Fox Corp. and moving into a foggier, emeritus role. It was the latest cryptic step in what’s been a fraught, decades-long, teeth-gnashing transfer of power and wealth from one of the world’s most influential media moguls to his jockeying offspring—and it’s not done yet. Murdoch’s farewell was framed as a judiciously timed and clear-cut vote of confidence in his chosen successor, 52-year-old Lachlan, his eldest son. But his quasi retirement was a strong reminder of something else: just how much unfinished business he has left.