News

Fox News mogul Rupert Murdoch and wife buy Koch family’s $200 million Montana ranch

Rupert Murdoch and Jerry Hall attend the RHS Chelsea Flower Show press day at the Royal Hospital Chelsea on May 23, 2016 in London, England.
Max Mumby | Getty Images Entertainment | Getty Images

Media mogul Rupert Murdoch and his wife Jerry have paid around $200 million to buy a massive Montana working cattle ranch owned by a subsidiary of Koch Industries named Matador Cattle Co. a new report revealed Thursday.

The mega-land deal between two pillars of the American conservative establishment was first reported by the Wall Street Journal, which is owned by Murdoch’s News Corp., and which is a sister property to his right-wing Fox News network.

The 340,000-acre Beaverhead Ranch, which has 25 homes, primarily for workers, sits near Yellowstone National Park.

“This is a profound responsibility,” Rupert Murdoch, 90, told The Journal through a spokesman about the purchase, which the listing agent said was the largest ranch deal in Montana history.

“We feel privileged to assume ownership of this beautiful land and look forward to continually enhancing both the commercial cattle business and the conservation assets across the ranch,” Murdoch said.

In an email to CNBC, Murdoch’s spokeswoman Jessie Lyons said, “I can confirm the Journal story re: Beaverhead Ranch, with the exception of the price paid for the property.”

“We have no comment on that,” Lyons said.

The Journal noted that Beaverhead Ranch was first purchased more than 70 years ago by Fred Koch, the founder of an oil business that became Koch Industries.

That company is now headed by Fred’s son, the billionaire Charles Koch, whose network of political advocacy groups routinely backs Republican candidates and libertarian-leaning candidates, and often supports conservative policy efforts.

Products You May Like

Articles You May Like

UK lenders halt mortgage deals to customers after market chaos
Record number of UK mortgage deals pulled in one day as market mayhem takes hold
Home prices cooled in July at the fastest rate in the history of S&P Case-Shiller Index
Putin JUST told us what’s coming next for Western economies | Redacted with Clayton Morris
Home purchase cancellations are above 15% for the second straight month. It’s important to know the financial repercussions

Leave a Reply

Your email address will not be published.