Rupert Murdoch Fails in Bid to Change Family Trust

[applegrove]

Rupert Murdoch Fails in Bid to Change Family Trust

December 9, 2024 at 3:35 pm EST By Taegan Goddard 19 Comments

https://politicalwire.com/2024/12/09/rupert-murdoch-fails-in-bid-to-change-family-trust/

"SNIP............

“A Nevada commissioner ruled resoundingly against Rupert Murdoch’s attempt to change his family’s trust to consolidate his eldest son Lachlan’s control of his media empire and lock in Fox News’s right-wing editorial slant,” the New York Times reports.

“The ruling was at times scathing.”

.............SNIP"

[UTUSN]

1. So the *relatively* Lib siblings will (somewhat) keep toes in.

[applegrove]

2. We can only hope. Rupert can appeal. But for now the three

other siblings keep their voting rights.

[lindysalsagal]

3. Might be good news, but requiring them to drop the word "news" from their logos would help a lot more.

[muriel_volestrangler]

4. A bit more detail, not behind a paywall

The trust currently would divide control of the company equally among Rupert Murdoch’s four oldest children - Lachlan, James, Elisabeth and Prudence - after his death.

Potentially, three of the heirs could out-vote a fourth, setting up a battle over the future of the companies, even as Lachlan Murdoch runs Fox and is sole chair of News Corp.
...
Rupert Murdoch’s proposed amendment would have blocked any interference by three of Lachlan’s siblings, who are more politically moderate.

In his opinion, Gorman said the plan to change the trust was a "carefully crafted charade" to "permanently cement Lachlan Murdoch’s executive roles" inside the empire "regardless of the impacts such control would have over the companies or the beneficiaries" of the family trust, the Times said.

https://finance.yahoo.com/news/rupert-murdoch-fails-bid-change-203435192.html

[applegrove]

5. Thanks.