The business was originally set up in the year 1828 by two emigrants of Scottish origin into Australia in 1828 viz. Reverend James Murdoch and Helen Murdoch.
The members of this family are prominently known as the international proprietors in the world of media. The family business is especially popular in the United States of America, United Kingdom and Australia. Some of the members of the Murdoch family have also carved a niche of themselves in the area of clergy, military and arts in Australia.
The Murdoch Family Business is highly reputed for its business legacy and because it has been a highly successful and completely family controlled business which has been managed in an impressive manner over the generations of the functioning of the business empire (Page, 2003).Currently, the Murdoch Family Business holds stakes in a number of companies and corporations in the arena of media including News Corporation, the Times of London, and Sunday Times, 21st Century Fox and The Herald and Weekly Times Limited.
The Murdoch Family Business is mainly concentrated on the mass media and entertainment industry either through the direct ownership companies or through stakes in internationally acclaimed entertainment and media companies. The different companies under the control of the family operate in various verticals of the mass media and entertainment sector.
As per a report by Forbes in 2007, Rupert Murdoch was the 73rd ranked billionaire in the world who has a net worth of USD 9.1 billion as of 2007 (Forbes Magazine, 2007). By 2013, Rupert Murdoch went on to become the 33rd richest individual in the United States of America and the 91st richest individual in the world. From 2007 to 2013, the net worth of Rupert Murdoch as the owner of the Murdoch family business rose form USD 9.1 billion o USD 13.4 billion. Also, in 2013, Rupert Murdoch and the family were ranked as the 33rd most influential family in the world.