Rupert Murdoch Loses Bid to Change Family Trust to Give Control to Son Lachlan (Report) [View all]

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Last edited Tue Dec 10, 2024, 09:43 AM - Edit history (3)

Source: Variety.com

By Brian Steinberg
Dec 9, 2024 12:50pm PT

Rupert Murdoch's eyebrow-raising attempt to restructure the family trust that governs Fox Corp. and News Corp. was rebuked last week in probate court in Las Vegas, thwarting -- at least for now -- the media mogul's efforts to change the dictates of how four of his children, including current Fox CEO Lachlan Murdoch might govern the companies after he dies.

The New York Times reported Monday that Murdoch's bid to ensure Lachlan had control over the companies was rejected by Edmund J. Gorman Jr, a commissioner in probate court in Las Vegas, where Murdoch had filed the case to amend the irrevocable family trust. At present, the trust ensures four of his children -- Lachlan, James, Prudence and Elisabeth -- will have equal say in governing how Fox Corp. and News Corp. are run Their wishes could have significant effects on the direction of such assets as Fox News Channel, the conservative cable network that has enjoyed an outsize influence on Republicans and right-wing viewers.

Rupert Murdoch intends to appeal the decision, according to a person familiar with the matter. Adam Streisand, an attorney representing Rupert Murdoch in the matter, could not be reached for immediate comment. Representatives of Fox Corp. and News Corp. could also not be reached for immediate comment.

The Times reported that Rupert Murdoch has in recent years wanted to maintain the conservative leanings of his media empire, particularly at Fox News, which has become the economic linchpin of Fox Corp. But James Murdoch and Elisabeth Murdoch are known to hold different political views than their brother, with James notably contributing to causes that are not in keeping with the opinions espoused on the cable network.

Read more: https://variety.com/2024/tv/news/rupert-murdoch-loses-bid-change-family-trust-lachlan-murdoch-fox-news-1236243825/

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Gift link to New York Times article: https://www.nytimes.com/2024/12/09/business/media/rupert-lachlan-murdoch-family-trust.html?unlocked_article_code1.gE4.Micz.Jza9QEvw2KWx&smidurl-share


The battle over the Murdoch family trust will go a long way toward determining the future of the world's most powerful conservative media empire. Credit...Emily Najera for The New York Times

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Added 12/10:

More on the Murdoch family fight that may happen in the future
From Brian Stelter's Reliable Sources column 12/10 for CNN:

The ruling out of Reno means that Fox's fate will remain up in the air. Rupert Murdoch's death will almost certainly instigate a battle for control of the family trust and thus Fox News. If it's three-against-one, Lachlan would lose control.

To be clear, there's no evidence of a "fire Lachlan and force Fox to the center" pitch deck on James' desk. Far from it. James has been very careful not to get ahead of himself, knowing he would need the support of both Prudence and Elisabeth to effect any change at the corporate level.

But here's the thing: Rupert's failed attempt to blow up the trust may have been just the thing to bring Prudence, Elisabeth and James together.

So what happens now? Well, nothing. In the short term, the identity of Fox News is more certain than ever: Its power and profits come from a mutually beneficial relationship with the president-elect and his supporters. But in the long term, if the family's power center shifts, then uncertainty reigns. It's a truly strange state of affairs for a TV network that doubles as a lifestyle brand, political machine, and Trump administration staffing firm...

Read more: https://view.newsletters.cnn.com/messages/173383589554331f4c25f910c/raw?utm_sourcecnn_Reliable+Sources+%E2%80%93+Dec.+10%2C+2024&utm_mediumemail&bt_eeV0VPJirRbNsZFpg6fYo%2FS0ZFibZRR7%2B0q548YZzDZkfVsJkqsHkJ0ZyJMpKRnsXI&bt_ts1733835895546