Media tycoon Rupert Murdoch is considering buying his daughter Elisabeth’s production company Shine, which some see as an attempt to bring her back into the family-controlled business – and even eventually replace Rupert at the helm.
Reports say that Shine Group, founded by Elisabeth in 2001, has hired JP Morgan Chase to advice on strategy, including being acquired. Rupert Murdoch owns 53% of his daughter’s company’s shares, with Sony holding 20% and British Sky Broadcasting holding 13% stake. Elisabeth was a part of News Corp until 2001, after which she founded Shine, known for producing hit shows like “MasterChef” in the UK.
Her 79-year-old father has so far made no indication of who will succeed him at News Corp. Speculations started with eldest son Lachlan, and moved on to second son James – the only one still directly involved with News Corp – and is now settling on Elisabeth as the heir to her father’s media empire.
James’s claim on taking the top job might have been hurt by a recent scandal involving phone hacking of celebrity mobiles linked to reporters on one of News Corp’s newspapers in the UK. Some commentators say the mis-handling of the scandal lies with James.