In this episode of Modeling the Masters, Evan Carmichael profiles media mogul Rupert Murdoch, tracing his journey from a small‑town Australian newspaper to a global News Corp empire worth billions. Carmichael outlines Murdoch’s background—his influential journalist father, elite schooling, early work at the Daily Express, and rapid acquisition of Australian newspapers, culminating in the creation of The Australian and later massive international holdings such as HarperCollins, DirecTV, the Los Angeles Dodgers, Manchester United, and numerous TV and cable assets. The video distills Murdoch’s story into three actionable business lessons: (1) Know your business – develop deep, hands‑on knowledge and passion for your industry; (2) Do not fail – maintain relentless persistence, long work hours, and an uncompromising ambition; (3) Build a team – hire people with an entrepreneurial spirit, give them responsibility, and foster loyalty. Carmichael reinforces these points with a vivid anecdote of Murdoch delivering freshly printed newspapers from his yacht among other billionaires, illustrating his hands‑on approach. The video ends with a call to action for viewers to apply these lessons to grow their own businesses.
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Hi, I'm Evan Carmichael. Welcome to another edition of Modeling the Masters. I believe that the fastest and most effective way to grow your business is to model the strategies of people who've already done what you're trying to do. So today we're going to look at how a man turned a small town newspaper into a media empire and amassed a personal fortune of over $8 $100 billion. This is the story of media mogul and News Corporation founder Rupert Murdoch and the top 3 lessons you can learn from his success. Rupert Murdoch grew up under the guides of a newspaperman, son of Dame Elizabeth Murdoch and Sir Keith Murdoch, a well-connected journalist and advisor to former Australian Prime Minister Billy Hughes. Keith became Australia's most prominent newspaper executive, owning The Herald and Weekly Times and was knighted for his services to the Crown. He had always envisioned passing on his business to his young son, but was disappointed with the young Rupert's slow progress. Because of this, Murdoch desired to be like his father, but often rebelled. Murdoch attended Geelong Grammar School, the same elite boarding school in the outskirts of Australia attended by Prince Charles. He later enrolled in Worcester College at the University of Oxford. At the time, his father was experiencing severe heart problems and grew disappointed to learn that his son was developing a reputation for nothing more than partying at the expense of his studies. Worried about his son's future, Keith called in a favor from a friend of his, Lord Beaverbrook, who was publisher of the Daily Express in London. Beaverbrook gave Rupert a job working at the newspaper, where he quickly developed a talent for sensational headlines and snappy writing. After having successfully completed college, Murdoch would purchase and revive The News, a small-town newspaper. Murdoch began looking for other daily and local newspapers to acquire. In little time, Murdoch had gained control of most of the newspapers in Australia's capital cities, including Sydney's The Daily Mirror. With this, he was able to begin offering the larger competitors in Sydney a real challenge. His papers were soon becoming known for their exciting stories about sex and mayhem. In 1964, he followed this up with the establishment of The Australian. The country's first national daily newspaper. Initially based out of Canberra, Murdoch moved The Australian to Sydney, after which his reputation as a serious newsman began to develop. A more serious publication than his others, The Australian never grew particularly large in circulation, but did generate an elite readership and lent itself to Murdoch's influence among the powers that be. In 1972, Murdoch acquired Sydney's The Daily Telegraph. Which made him one of the 3 largest newspaper proprietors in the country. Murdoch continued to expand his holdings with the purchase of HarperCollins, New World Communications, DirecTV, and several stations from the Chris-Craft Industries. He purchased the rights to broadcast the National Football League as well as bought the Los Angeles Dodgers baseball team. The International Family Entertainment religious cable network, Heritage Media, and part ownership of the New York Knicks and New York Rangers as well as Manchester United for $1.5 billion. By 2002, Murdoch had a controlling interest in over 750 businesses around the world. With its newly moved headquarters from Australia to New York City, News Corp continues to expand its global media dominance. It currently earns almost $25 billion in yearly revenues, not including the revenues of companies in which it only has a minority stake. With a personal net worth of $6.7 billion, Murdoch continues his reign as one of the world's most successful media magnates in history. By tapping into what he was really good at, Rupert Murdoch was able to turn a small-town newspaper into a multi-billion-dollar empire. To help your business take the next big step forward, here are 3 action items that you can learn from Rupert Murdoch. Action item number 1: Know your business. I always recommend to entrepreneurs that they build a business around their passion. A big reason behind this is that you have to know your business to be successful. Getting into an industry that you don't understand because you think you can make a lot of money is a quick recipe for failure. The more you understand your business and have a passion for it, the greater your chances of success. While Murdoch understands the pitfalls of micromanaging, he has never been one to sit back and let someone else call the shots, especially when it comes to his own business. From the printing presses straight up, up to the marketing and advertising departments, Murdoch keeps a tight rein on the activities that take place within his company walls. Murdoch never got too big or too rich to involve himself in the daily running of his newspapers. Indeed, because his father had involved the young Murdoch in all aspects of his own newspaper, from sweeping floors to copy editing, he grew intimately familiar with every aspect of its operation. According to Murdoch, I try to keep in touch with the details. I also look at the product daily. That doesn't mean you interfere, but it's important occasionally to show the ability to be involved. It shows you understand what's happening. They all put up with me, so it encourages me. I probably don't do it enough here. I dig in. I like to know what's going on. Action Item #2: Do not fail. Is failing an option for you? One of the common character traits of successful entrepreneurs is that they don't give up on their company. They all go through dark days and times when they might question what they're doing, but they keep going until they get to that light at the end of the tunnel. Why was Murdoch so confident in his ability to achieve his goals? How did he know that despite all the odds, he was going to succeed? He was going to make it in the cutthroat news business because Murdoch knew just how ruthless he could be when he was going after something he really wanted. Murdoch is fiercely passionate about his business and, more than anything else, wants to see it grow to new limits. He would regularly work 16-hour days, a habit which continues even as he enters his 80s. Murdoch claims he will never quit his company, noting that his mother is well into her 90s and continues to maintain a busy schedule. There was no obstacle too big for Murdoch to overcome. He even became a citizen of the United States in 1985, losing his Australian citizenship in order to be able to legally own an American television station. With his never-ending ambition, Murdoch engaged in an endless series of takeovers and acquisitions until he had created an empire that controlled more of the world's information than any other single entity. According to Murdoch, "We have no intention of failing. The only question is how great a success we'll have." More newspaper companies still have their head in the sand, but other media companies are aggressive. It's perfectly natural that people would be a bit paranoid about me. The buck stops with the guy who signs the checks. Action Item #3: Build a team. Creating a successful company usually means building beyond yourself. If you want to have a significant impact on your industry, then you'll need to become more than a one-person show. Hiring good people is the key, and it starts with having a purpose that people are excited about. Money will only motivate people so much. They'll do what they're told for money, but they'll give you their heart and soul if they believe in what you're doing. In the hiring process, Murdoch claims that his number one priority is to find people who embody the entrepreneurial spirit. Without that characteristic, says Murdoch, the company stagnates and cannot keep up with its competitors. Murdock also claims that without this entrepreneurial spirit, decisions tend to get political. People would rather say no than take a risk on something. Once he's assembled his A-team, Murdock strives to cultivate company loyalty by assigning significant responsibility to each staff member as well as paying slightly better than the market rate. But this is not a fail-safe solution, as Murdock has lost key team players along the way. According to Murdock, That's key to the culture of the company. All our division heads are expected to be entrepreneurial and look for opportunities, to take risks. We're not overlaid with these sort of business development groups. We have one or two people who, who help troubleshoot in the finance department, but too often you get a group of very brilliant Harvard MBAs in a company that are set up to study strategy or whatever, and it tends to slow things down. You might say that sometimes we can reach out a bit more But if you know people, you make fewer mistakes. So remember, know your business, do not fail, and build a team. To finish up this video, I wanted to share one of my favorite true stories about Rupert Murdoch and some of his best quotes. In January 2012, off the coast of Tobago Cays, 5 tiny uninhabited islands in the Grenadines, there were a gaggle of billionaires' yachts There's David Geffen on Rising Sun, the world's biggest yacht, Simon Cowell on his Slipstream, Philip Green on Lionheart, while elsewhere Marks Spencer's boss Stuart Rose is staying with Matthew Freud and Elizabeth Murdoch on their yacht. Next to them is Angle Share, James Murdoch's boat, and nearby is the floating holiday home of Carphone Warehouse boss Charlie Dunstone. Right in the middle is a craft whose precious cargo is Rupert Murdoch. Murdoch stopped by Cowell's slipstream on his tender, delivering that morning's newspapers, published by News International in Britain, America, and Australia. They had been reproduced on a printing press installed on Murdoch's yacht. "The world's most expensive newspaper boy," Stuart Rose quipped, digging for a coin to tip the deliverer. Thank you for joining me for another edition of Molly and the Masters. If you like the video and you want to see more, please give it a thumbs up below. I'd also love to hear what you have to think if you want to leave a comment under the video. So thank you, and we'll see you on the next episode.
