James, Lachlan and Elisabeth Murdoch

Benjamin Wachenje

James Murdoch

Title: COO, 21st Century Fox

Born: December 13, 1972, London

Education: Harvard College (dropped out)

Early Marker: Backed founding of independent hip-hop label, Rawkus Records, later bought by News Corp.

Big Idea: Younger son of media mogul and First 25 lister Rupert Murdoch. He is seen as a potential heir apparent after a broad grounding in the family-controlled company that recently split in two, with James now running the half encompassing the broadcasting and film interests.

Wave of the future: Experiential economy, entertainment

Lachlan Murdoch

Title: Executive chairman, Nova Entertainment; non-executive director News Corp., 21st Century Fox

Born: September 8, 1971, London

Education: Princeton University

Early Marker: At 23, appointed by his father as general manager of Murdoch's Queensland Newspapers and then publisher of The Australian, Australia's first national newspaper, in what were seen as early first steps in grooming him for the succession.

Big Idea: Oldest son of Rupert Murdoch has returned to his father's empire as non-executive co-chairman of News Corp. and 20th Century Fox after quitting his executive positions in the pre-split News Corp. in 2005—and relinquishing his status as heir presumptive—to build his own radio and TV group, Nova, with James Packer, scion of another Australian media dynasty.

Wave of the Future: Experiential economy, entertainment

Elisabeth Murdoch

Title: Chairman, Shine Group

Born: August 22, 1968. Sydney

Education: Vassar College

Early Marker: Got her start in television and film production doing program acquisitions at her father's FX Networks in Los Angeles.

Big Idea: Likely to be looking for a new role now that she will be stepping down from Shine, the independent TV production company she founded after a successful but tempestuous spell as No. 2 at her father's U.K. satellite broadcaster BSkyB and then sold to 21st Century Fox in 2011; now being merged with Big Brother-maker Endemol and American Idol producer Core Media; seen as more business-proven than Lachlan and not phone hacking-tainted like James.

Wave of the future: Family dynasties

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