Elisabeth Murdoch, daughter of media mogul Rupert Murdoch, recently acquired a prominent U.S. based media corporation, Reveille, largely with earnings from her father’s media empire.
Rupert Murdoch’s News Corporation, one of the world’s largest media monopolies, includes the Fox News Network and Dow Jones & Company, the parent company of the Wall Street Journal.
Elisabeth Murdoch, born in wealth and set to inherit a large portion of Rupert Murdoch’s fortune, was able to buy Reveille largely due to a $100 million distribution in News Corporation stock.
Capitalist hereditary property rights allow the rich to pass the wealth down to their children, often allowing them to live off interest and dividends alone. The working class, whose labor provides for the abundant lives of the wealthy, must toil all their lives to meet their basic needs.
