A representative for James Murdoch denied a report that he is planning to invest $1 billion in news outlets, including one that could lean left.

On Tuesday, The Financial Times reported that Rupert Murdoch's more liberal-leaning son was looking to set himself apart from his father's conservative media empire by investing in a "portfolio of media companies that could include a liberal-leaning news outlet."

But a Murdoch representative told TheWrap that Murdoch "is not currently looking at any investments in news properties."

The spokesperson also said that the FT did not speak with Murdoch or "anyone with insights into Mr. Murdoch's current plans." A rep for the FT did not immediately respond to a request for comment.

Rupert Murdoch and sons, James and Lachlan, each hauled in around $50 million in fiscal 2018, representing huge pay bumps from the prior year.