When Rupert Murdoch announced in April 2004 that he intended to see his company, News Corporation, reincorporated in the United States, two competing representations of the ‘media mogul’ came to dominate the press’s interpretation of this event. The first of these ‘Murdoch representations’ was the most common, and painted an image of a successful entrepreneur, a ‘celebrity CEO’. Yet, the second ‘Murdoch representation’ painted a different image, a more detailed portrait, with critical attention paid to the modus operandi of the world’s most notorious media proprietor. This article deconstructs these representations of Murdoch, a mythic fracturing of image resulting from the political economy of the Australian press. In essence, the article explores issues of media diversity, myth and ideology, and the propensity of the press for critical, impartial, journalism. The empirical data are drawn from an analysis of two of Australia’s pre-eminent newspapers: The Australian and the Sydney Morning Herald.