Succession IRL

Good morning and Happy Olympics to all who celebrate! The Paris 2024 Games, which will see more than 200 nations competing across 329 events, will soon commence with a grand [opening ceremony]( rumored to feature Céline Dion and Lady Gaga. Today we’re exploring: - Empire unpacked: The Murdochs are embroiled in dynastic legal drama. - Top of the podium: How much does hosting the Olympics cost? - Down-tern: Securing an internship has gotten tougher. Have feedback for us? Just hit reply - we'd love to hear from you! TOGETHER WITH [Sponsor Logo](   The Murdochs are, once again, doing absolutely nothing to discourage the Succession comparisons… On Wednesday, the [NYT]( revealed that billionaire media mogul Rupert Murdoch has been embroiled in a secret legal battle with 3 of his children since late 2023 over the political future of his sprawling news and TV empire. According to a previously sealed court document, voting control in the event of the 93-year-old’s passing is the issue at the heart of the matter. Per the current terms of the Murdoch family trust, voting powers at Fox Corp. and News Corp. would be distributed among his 4 oldest children — Rupert wants to change that by giving his son Lachlan (the eldest boy) sole power, reportedly in an effort to maintain the conservative leanings of his many vastly influential media properties. The Empire, unpacked Murdoch constructed his portfolio over the course of 7 decades, building on a string of local Australian newspapers with several acquisitions in the British (The News of the World, The Sun) and American (The New York Post, WSJ) media markets, before buying 20th Century Fox in 1985. Cut to present day, and Rupert Murdoch is worth ~$20 billion, per [Forbes]( estimates, with Fox Corp. and News Corp. combining to bring in almost $25 billion in revenue last year. A trial to determine whether Rupert is acting in good faith by edging some of his children out, and therefore should be able to amend the trust, is expected to play out in September — presumably with many more eyes on the matter, but none more so than the three Murdochs who’ve formed a united legal front against their father. [Read this on the web instead](   The busy summer of sport will kick into another gear today, as the [opening ceremony]( for the Paris Olympics gets underway — starting with a parade of more than 90 boats carrying ~10,500 athletes down the city’s iconic Seine river. The French capital last hosted the quadrennial sporting event exactly 100 years ago, when it introduced the first Olympic Village to [the world](… though the small commune of temporary log cabins built back then bears little resemblance to this year’s contemporary 53-hectare village. Pay to play (or host) That ~$1.85 billion [accommodation]( is just one example of the outgoings that host nations usually shell out for in organizing a modern Olympics, but Paris seems to have done a (relatively) good job at keeping costs down. According to estimates from an Oxford University study, as reported by [Politico](, the Paris Games will cost $8.7 billion, excluding wider infrastructure costs such as road, rail, hotel, and airport construction. While a spokesperson for the competition refuted the Oxford figures — they reportedly come in above-budget for the “[cheaper Games](” that was promised — the estimate actually seems fairly reasonable, especially when compared to Rio 2016’s $23.6 billion budget, for instance. While Paris may boast the lowest estimated outlay for the summer contest since 2008, the host city still faces some hurdles, even this late in the game. Earlier today, for example, a spate of arson attacks hit Paris’s railways lines, with Eurostar urging passengers [to postpone travel](. [Read this on the web instead](   [Sponsored by Incogni]( Make your details harder to find online We always hope you’ll be excited when Chartr hits your inbox… but it’s exhausting to have to scroll through spammers flooding it with random offers and fraud attempts. Your inbox should be a space for the content you actually want. If that sounds familiar, [it’s time to try Incogni]( — a personal data removal tool that scrubs your data from hundreds of data brokers’ databases and People Search Sites. [Incogni’s service]( keeps scammers out of your inbox and beyond: 👤 Remove your details like full name, SSN, relatives, DOB, phone number, email, and more from data brokers. You can enter multiple emails and home addresses. 🛡️ Shield you against spam and robocalls. 🔎 Reduce identity theft risk by removing your information from search sites where cybercriminals can buy it for a few bucks. [Get a 55% discount on Incogni Annual Plans with code CHARTR]( [Get a 55% discount on Incogni Annual Plans with code CHARTR](   As ambitious students everywhere will know, there’s been a lot of talk around the decline of internships this year, as top companies have looked to cut costs by reducing the amount of young workers they’re welcoming onto their sought-after summer programs. On Monday, for example, [the FT]( reported that Goldman Sachs took on 200 fewer undergrads for its ultra-competitive summer analyst internship this year… while JPMorgan slashed their analyst class of ‘24 by 10% (600 interns). Big banks aren’t the only ones grabbing headlines for their shrinking college student offerings either: Tesla caught some flak [in May]( after rescinding summer internship offers just weeks before successful applicants were due to start. Limited experience Paid or unpaid, internships have become a tried-and-tested method for thousands of young people to get their first real taste of the corporate world. However, per data from student job search site Handshake (reported by [Bloomberg](), some key industries have been cooling on the concept, with internship postings down in tech (-14%) and financial services (-13%) year-over-year in May ‘24. Similarly, data from the Indeed Hiring Lab, provided by its Director of North American Economics Research Nick Bunker, also broadly confirms the internship cooldown. While the number of Indeed job posts with “internship” or “intern” in the title was up from 2019 at the start of the year, listings have seriously tapered since, coming in well below 2022 and 2023 levels from February onwards. Whether what we’re seeing indicates a growing shift away from internships, or just a correction from a post-pandemic new blood boom, the decline in postings is causing competition for roles to heat up: there were over 315,000 applicants for Goldman’s ~2,700 summer analyst positions in 2024, making a spot on the program more exclusive than a place [at Harvard](. [Read this on the web instead](   More Data - Start your engines: OpenAI just announced its AI-assisted entry into the world of online search with [SearchGPT](. - Inside Out 2 has become the highest-grossing animated movie of [all time](, after surpassing Frozen II on Tuesday with a $1.46 billion haul worldwide. - 25% of bosses reportedly expected that [return-to-office]( mandates would lead to a "voluntary turnover” from employees quitting, according to a new survey by Bamboo HR. - Over 500 game developers at [Blizzard Entertainment]( that make World of Warcraft have voted to unionize, forming the largest wall-to-wall union at Microsoft to-date. - Alphabet’s latest report showed that the Google parent company made over $1B in [net interest income]( last quarter — more than the total net income posted by most S&P 500 companies. Stop scams at the source. Incogni is the personal data removal service that wipes your details from hundreds of data brokers and people search sites — the most effective way to avoid spam, robocalls, and even identity theft. [Take 55% off Incogni’s Annual Plans]( (inc. Family & Friends subscriptions) with code CHARTR. Ad   Hi-Viz - The Pudding examines opposing social media discourse around infant [sleep training](. Off the charts: Which tech startup was almost the biggest acquisition in Alphabet’s history — at nearly 2x their [largest ever deal]( — before it declined Google’s gigantic offer this week? [Answer below]. [Answer here.](   Thanks for stopping by! Have some [feedback](mailto:daily@chartr.co?subject=Feedback&body=Hi, I like the newsletters, but I had a thought for you...) or want to [sponsor this newsletter](mailto:advertising@sherwoodmedia.com?subject=I’m interested in advertising with Sherwood Media)?   Not a subscriber? Sign up for free below. 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