LONDON — Media tycoon Rupert Murdoch is suffering from “low grade” prostate cancer, a company spokesman said in a statement Sunday.
Word of Murdoch’s condition contributed Monday to News Corp. stock falling sharply in early trading in Australia.
Murdoch, the 69-year-old chairman and CEO of media conglomerate News Corp., discovered the condition after a routine medical check in Los Angeles last week.
“His doctors have told Mr. Murdoch the prognosis is very good and that it is an extremely low grade form of cancer. He has no intention of changing his work schedule,” a spokesman told the Sunday Times newspaper, which is owned by News Corp.
“He is to receive treatment. He will receive brief sessions of radiotherapy in a month’s time. The treatment will last several weeks and his doctors are confident that it will eliminate the problem.”
Australian-based News Corp. owns newspapers, broadcast and satellite TV networks and the 20th Century Fox film studio.
Australian-born Murdoch, now a U.S. citizen, is one of the world’s richest men with Forbes magazine estimating last year he was worth $5.0 billion.
His marriage of 32 years to second wife Anna ended in divorce last year, and he wed former News Corp. executive Wendi Deng soon afterwards. He has four children from his first two marriages.