James Murdoch Has No Plans to Invest in News Outlets
While Murdoch has already set up an investment arm called Lupa Systems, he won't be plowing any money into a news outlet of any political bent.
Despite reports to the contrary, James Murdoch has no intention of investing in a liberal news outlet that might compete with MSNBC.
In fact, according to a source close to the former CEO of 21st Century Fox, while Murdoch has already set up an investment arm called Lupa Systems, he won't be plowing any money into a news outlet of any political bent.
Murdoch, allegedly flush with more than $2 billion since Disney purchased most of the assets of 21st Century Fox, hasn't disclosed what he intends on doing with Lupa, though he will undoubtedly use the investment vehicle to take stakes in a variety technology and media companies along with some that focus on cleaning up the environment, a pet cause of his.
But an insider speaking on the condition of anonymity late Friday said that news isn't yet on the docket, even though the Financial Times and others reported that it was.
That Murdoch might want to shy away from the news business makes sense, given that the company that was left standing after the Disney transaction closed March 19, called Fox Corporation, consists primarily of Fox News, run by his father Rupert and brother Lachlan, so he may have better things to do than compete with them so soon after striking out on his own.
But it also seemed plausible that Murdoch might delve into left-leaning news, since insiders say that when he was CEO of the parent company he wasn't enamored with Fox News because he oftentimes disagreed with its conservative opinion makers, including Sean Hannity, Tucker Carlson and Laura Ingraham.
Nevertheless, says an insider: "He has no current plans to invest in news outlets."