Lachlan Murdoch departs TEN

2014-03-26_2303Lachlan Murdoch has departed as non-executive Chairman of TEN in order to become a non-executive co-chairman of News Corp and 21st Century FOX.

As he shares the chairmanship of both companies with his father, the move is being received as part of a family succession plan.

TEN CEO Hamish McLennan has been elected as Executive Chairman of Network TEN.

James Murdoch has been elevated to the position of co-chief operating officer at News Corp.

Lachan Murdoch, 42, purchased TEN shares in 2010 and was appointed acting CEO in February 2011 following the exit of Grant Blackley. During this time he oversaw a review of costs which resulted in the axing of television programs and staff redundancies, plus the hiring of James Warburton, Paul Henry and Hamish McLennan. He was appointed non-executive Chairman in February 2012.

Brian Long, TEN’s Deputy Chairman said, “On behalf of the Board I thank Lachlan for the contribution he has made during a very difficult time for the Company. I am pleased that he will retain his commitment to TEN through continuing to hold his 8.8 per cent shareholding in the Company, together with the shareholder guarantee that his company has provided in respect of TEN’s new loan financing arrangements.

“Hamish will make an excellent successor to Lachlan as Chairman. He combines deep international experience in advertising and media, along with a broad business understanding. The Board looks forward to Hamish leading TEN as Executive Chairman.”

Hamish McLennan added, “I look forward to continuing the strategy to restore TEN’s performance as a leading entertainment and news content company across all our platforms and so increase value for our shareholders.”

33 Comments:

  1. I think he has resigned due to ten’s poor ratings this year. It is obvious that Seven, Nine and ABC have beaten Ten this year. Very disappointed about him resigning this year.

  2. @Pertinax……I thought – Seven and Ten where going to team up again to bid for AFL rights……and then would onsell the Pay TV rights to Foxtel. Foxtel could not bid in there own right…..But Ten pulled out because Murdoch said it was too expensive….Leaving Seven to bid for the rights on their own and do a deal with Foxtel.

  3. oztvheritage

    Yep. Murdoch’s call to not team up with seven for AFL rights is the biggest reason ten is where it is today. As we have seen with cricket and Olympics premium sport is the only thing that will get viewers to ten. Because nobody has a reason to watch 10s programs or more importantly be exposed to their promos.

  4. Lachlan Murdoch did not axe the AFL he assumed that Foxsports wouldn’t screw him over but they did with a deal with Seven which forced Ten out.

    Lachlan was actually pissed off by this and thought Ten should have bid a lot more, even if it lost millions, it’s one of the reason he took control.

    Murdoch did not cause the fragmenting of the 16-34 demographic that was Ten’s bread and butter. None of his solutions to that problem improved things though.

  5. This is great news, Lachlan Murdoch has hurt TEN ever since he took over and helped his mates at foxtel.
    He axed AFL only because he likes NRL and tens AFL ratings were awesome in Melb, Adel & Perth. TEN were offered to share AFL with Seven & Foxtel which TEN would of kept Saturday games.

    Lachlan Murdoch cannot run a tv network so now we hope TEN can move forward

  6. jezza the first original one

    @ Boogie Howser….just to update you on newspapers….their circulation has collapsed over the past few years, they are old media

  7. Secret Squirrel

    LOL, I think I heard singing and dancing in the streets around Pyrmont.

    No point re-iterating what’s already been said so I’ll just note that the reason Little Lachie hasn’t sold his 8.8% shareholding is nothing to do with loyalty or commitment. It’s simply business. Right now it’s only a paper loss whereas if he were to sell it would become a reality.

    Plus, there might be some truth to those rumours about News Corp looking to take a controlling interest in Network Ten once their mates in the Liberal Party change the rules to allow that to occur.

Leave a Reply

You must be logged in to post a comment.