Rupert Murdoch cannot hand control of his media empire to son Lachlan, commissioner rules
As a seasoned film critic with a knack for dissecting the intricacies of power struggles and familial dynamics within the realm of media empires, I find myself drawn to the latest drama unfolding in the Murdoch family saga.
It seems that Rupert Murdoch‘s plan to pass control of his business empire to his son, Lachlan Murdoch, upon his death has encountered some obstacles.
93-year-old Murdoch aimed to alter the conditions of his unalterable family trust in order to give his eldest son, Lachlan, sole authority over his media businesses, News Corp. and Fox Corp. Notably, News Corp. encompasses significant publications like the Wall Street Journal, New York Post, Investor’s Business Daily, and Dow Jones. Fox Corp., on the other hand, is the umbrella organization for Fox News and the Fox broadcast network.
Hollywood Inc.
This month, the Murdoch family is set for a legal dispute regarding elder patriarch Rupert Murdoch’s proposed move to appoint his eldest son, Lachlan, as head of their news corporations.
However, a Nevada probate commissioner declined the proposal to modify the trust, as it was contested by Murdoch’s other children mentioned in the trust – Prudence, James, and Elisabeth. In its existing form, the four eldest offspring, including Lachlan, were slated to share control of the businesses jointly according to the trust.
According to a report from the New York Times based on a confidential court document, Commissioner Edmund J. Gorman Jr. stated over the weekend that Rupert Murdoch and Lachlan Murdoch acted deceitfully in their effort to amend the trust.
In the filing, Gorman stated that the actions taken were an attempt to ensure Lachlan Murdoch’s ascension as uncontestable successor following Rupert Murdoch’s death. He further compared this situation to a high-stakes poker game where strategy meets truth. The outcome of such a confrontation, he wrote, is when all the bluffs are exposed and all cards are revealed for everyone to see.
During the private hearings in Nevada, the results held significant weight due to Murdoch’s command over one of the world’s leading conservative media empires with vast influence.
The trust was created in 1998, following Rupert Murdoch’s divorce from Anna Torv Murdoch Mann, the mother of Elisabeth, Lachlan, and James. As part of their divorce settlement, Murdoch agreed to establish a trust that would transfer control of his business empire to his four adult children upon his death.
The trust distributed identical voting rights among Anna’s children and Prudence, Murdoch’s eldest daughter from his first marriage, as a means of creating a collaborative management structure for Murdoch’s corporate empire. However, Murdoch’s two daughters from his marriage to Wendi Deng were granted financial interests in the trust but not voting rights.
Initially, the legal representative for Rupert Murdoch didn’t provide an immediate response when asked for a comment, and neither News Corp. nor Fox Corp. provided comments; instead, they deferred this task to Murdoch’s attorney.
In their statement, Prudence, James, and Elisabeth Murdoch expressed appreciation for Commissioner Gorman’s decision and voiced optimism about putting the legal dispute behind them, with a goal of reinforcing and healing familial bonds.
Previously, the older Murdoch argued that altering the trust was essential to uphold the conservative leanings of his media ventures, ensuring continued financial value for all family members. Lachlan, who shares his father’s political views, has served as both the sole chairman at News Corp and the executive chairman at Fox since last year. The other three siblings are known for holding more moderate political beliefs.
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2024-12-10 02:01