Rupert Murdoch loses battle to control succession to his media empire
Rupert Murdoch’s three adult children will retain control over their father’s media empire upon his death, a Nevada court has ruled after Murdoch launched a campaign to wrest away their power and give it all to his oldest son.
The New York Times reported on Murdoch’s loss, citing a sealed court decision that was filed on Saturday. The family battle took place outside of the public’s eye, despite attempts from the media to gain access to the trial.
Murdoch took three of his adult children, James, Elisabeth and Prudence, to court as he tried to completely remove their voting power over the trust Murdoch set up. The current trust structure gives all four adult children equal voting power over Murdoch’s empire, which includes Fox News and News Corp, but Murdoch wanted to give Lachlan, his oldest son and most likeminded child, complete control over the media companies. The change would have only impacted the voting power of the siblings, not their financial inheritance.
After reviewing the case, the Nevada commissioner Edmund Gorman concluded that Rupert and Lachlan Murdoch had acted in “bad faith” in their attempts to change the terms of an irrevocable trust that divides control of the company between Murdoch’s four oldest children.
https://www.yahoo.com/news/rupert-murdoch-loses-battle-control-203040073.html