Rupert Murdoch's children are not suitable to take over at News Corporation, but in time they might be able to lead the media group, Dr John Malone, a major shareholder in the company has said.
Debate has raged in the US and Britain about who might ultimately take over from Mr Murdoch, who is now 75. There was a shareholder revolt three years ago when one son, James Murdoch, was installed as chief executive of BSkyB, another company linked to Rupert Murdoch.
But Dr Malone, chairman of cable company Liberty Global, which owns NTL and Chorus in Ireland, said it would be wrong for Rupert Murdoch to promote James now. "Probably if he did everyone else would leave, and then he would really have a management problem".
But Dr Malone said in time, things could change. "I know James, I know Lachlan. I think with the passage of time they're perfectly capable of providing leadership". However, he said he was not sure it would necessarily be "operational leadership".
Speaking during a trip to Ireland this week Dr Malone, regarded as one of richest men in the US, said News Corporation, which owns the Fox Television network and several UK newspapers, was performing well. However Dr Malone, whose 18 per cent stake in News Corporation, has been the subject of widespread speculation said he was in no rush to sell his stake, even though Mr Murdoch wants to regain control. "We have no time pressures. For us its about a $10 billion [€7.8 BILLION]position. It's equity. We don't own any money on it. We can sit there forever".
There is increasing speculation, however, that a deal will be hatched whereby Dr Malone sells his stake and leaves control of the company to Rupert Murdoch. This deal would probably see Dr Malone acquiring half a dozen of Mr Murdoch's US TV stations in exchange.
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