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How Rupert Murdoch built a media empire

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He is Australia’s most successful business leader, but Rupert Murdoch does not shy away from the headlines

 
September 1915, Gallipoli, as the Allies land on the beach.

War correspondent Keith Arthur Murdoch witnesses a very different war. Writing an 8,000 word private report, describing the Gallipoli campaign as a disaster.

It was the beginning of the Murdoch anti-establishment spirit, passed down to his son, Rupert, who took a half share in a small newspaper, and built a global empire.

1940s in Melbourne, and a young Keith Rupert Murdoch forged his way at his father’s newspaper, groomed for bigger things.

In 1952, his father died of cancer, and a young 21 year old Rupert returned to Australia, to pay back taxes and take the reigns of The News in Adelaide.

There, he cut costs, journalists complained of old newspapers being used in the place of toilet paper.

At an early age, Rupert knew the importance of growth and acquisition, buying the Daily Mirror in Sydney, and inventing the modern tablod.

Being a tabloid king wasn’t enough. In 1964, Rupert launched his first national paper – The Australian.

In media, political connections help When Rupert shifted his Fleet street operations to Wapping, 6,000 staff went on strike. But the police were clearly on Rupert’s side.

In 1974, Rupert Murdoch crosses the Atlantic, ready to expand. He starts off with a supermarket tabloid, but then rescues the New York Post.

But buying a TV station proved difficult, because of laws ensuring only US citizens can own a TV licence. An easy choice for Rupert, who becomes a US citizen.

He went on a buying spree to build his own network, where he put NBC, ABC and CBS on notice.

FOX would be different.

Just like with Margaret Thatcher, Rupert became close with U.S. Republican president Ronald Reagan.

By the mid 1990s, Rupert launched his own news channel, that would go on to change US politics.

Always determined to be on the front line of media, Rupert didn’t always win.

Murdoch’s entire media empire came under fire in the phone hacking scandal, after his newspapers were accused of hacking the phones of celebrities.

Today, News Corporation and Fox are now two of the most influential media companies on the planet.

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Money

Boeing CEO to depart with lucrative exit package despite chaos

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Boeing CEO Dave Calhoun is set to step down from his position at the end of the year, walking away with a substantial payout despite challenges faced during his tenure.

Here are the key points:

  • Massive Payout: Despite Boeing’s stock price plummeting by 43% since Calhoun took over as CEO in 2020, he is poised to receive a $24 million payment upon his departure.

  • Additional Compensation: Calhoun holds options that could potentially earn him an additional $45.5 million if his successor manages to boost Boeing’s share price by 37%.

  • Comparative Compensation: Calhoun’s compensation during his tenure exceeds that of CEOs in similar industries, despite Boeing’s stock underperforming in comparison.

Boeing CEO Dave Calhoun’s impending departure at the end of the year has sparked controversy as he stands to walk away with a substantial payout, despite the company’s tumultuous journey under his leadership.

READ MORE: Boeing CEO to step down

Despite inheriting a company reeling from the aftermath of two deadly 737 Max crashes, Calhoun’s tenure has been marred by further setbacks, including the recent Alaska Airlines door blowout incident that further tarnished Boeing’s reputation.

Boeing offers CEO $5.3 million incentive to stay through recovery …

With Boeing’s stock price plummeting by 43% during Calhoun’s time at the helm, questions arise about the correlation between executive compensation and company performance, especially in the face of such significant challenges.

‘Raised eyebrows’

Calhoun’s lucrative exit package, valued at $24 million, has raised eyebrows among shareholders and industry observers alike.

Additionally, the potential for Calhoun to earn an additional $45.5 million based on the future performance of Boeing’s shares has intensified scrutiny over executive compensation practices.

This sizable payout contrasts starkly with Boeing’s stock performance, which has significantly underperformed compared to both industry peers and broader market indices, highlighting the dissonance between executive rewards and shareholder value creation.

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Money

It’s been a record year for CEO compensation

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In 2023, Broadcom’s CEO Hock Tan was granted a stock award worth $161 million, propelling him into the realm of highest-paid CEOs.

However, as the company’s share price surged, the value of Tan’s award skyrocketed to approximately $1.3 billion, outpacing even the shareholders’ annual returns.

Tan’s compensation reflects a broader trend among top executives in the tech sector, where awards of restricted stock and stock options surged in value alongside company share prices.

Notably, CEOs like Charles Robbins of Cisco Systems and Shantanu Narayen of Adobe also saw substantial increases in their compensation, doubling in some cases.

The disclosure of such equity growth in executive compensation is a new requirement by the Securities and Exchange Commission (SEC), providing shareholders with insights into the changing value of executives’ awards throughout the year.

CEO pay is on the rise.

New heights

Overall, CEO pay at major S&P 500 companies reached new heights in 2023, rebounding from slower growth in the previous year. The median pay for these CEOs rose to $15.6 million, up from $14.1 million in 2022, reflecting a surge in equity awards.

Broadcom clarified that Tan’s stock award is designed to span five years, with no plans for additional equity grants or cash bonuses during that period.

Tan’s compensation, which amounts to approximately $33 million annually over five years, is contingent upon his continued tenure and specific share price targets.

While the initial valuation of Tan’s restricted shares stood at $160.5 million, the surge in Broadcom’s share price prompted the company to reassess the likelihood of meeting vesting conditions.

This reassessment suggests that Tan may not receive all the shares initially granted.

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Market forecast: weather whirlwinds influencing investments

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Prime conditions for commodity investments arise from global weather shifts, geological tensions, and rising interest rates.

With global weather patterns causing disruptions in traditional supply chains, coupled with geopolitical tensions over natural resource access, and the anticipation of higher interest rates impacting financial markets, the conditions for commodity investments have reached exceptional levels.

Amidst this backdrop, Farrer Capital has emerged as a standout player, leveraging its unique ‘blue ocean’ approach to capitalize on price dislocations and scarce competition in the market.

Mark Wyld from MW Wealth joins the show to share his insights on the inclement weather impacting the market.

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