https://sputnikglobe.com/20241210/media-mogul-murdoch-loses-bid-to-amend-family-trust---reports-1121138333.html
Media Mogul Murdoch Loses Bid to Amend Family Trust - Reports
Media Mogul Murdoch Loses Bid to Amend Family Trust - Reports
Sputnik International
Conservative media mogul Rupert Murdoch has suffered his first defeat in his bid to strip his more liberal children of voting rights in order to consolidate control of his media empire with his eldest son Lachlan, who shares his views, the New York Times reported, citing a sealed court document.
2024-12-10T03:34+0000
2024-12-10T03:34+0000
2024-12-10T03:57+0000
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Commissioner Edmund J. Gorman Jr. found in a ruling filed Saturday that the father and son, who are the heads of Fox News and News Corp., acted in "bad faith" in their efforts to amend an immutable trust that divides control of the company equally among Mr. Murdoch's four eldest children — Lachlan, James, Elizabeth and Prudence — after his death, the newspaper said. The hearing is being held behind closed doors, while a Nevada court is separately considering whether to open the trial to the public in a lawsuit filed by several US publications. The commissioner, whose recommendations the court must ultimately approve or reject, called the plan to amend the trust an "carefully crafted charade," the newspaper noted. Rupert Murdoch will have the opportunity to appeal even if he loses in court. Rupert Murdoch, 93, founded the News Corporation media holding in 1979. It includes the Wall Street Journal, Times, Sun, and New York Post newspapers. In addition, the billionaire owns the Fox News channel and the 20th Century Fox television company, as well as a number of satellite operators and the Dow Jones news agency. In September 2023, the media reported that Murdoch was leaving the post of chairman of the board. His place was taken by his son Lachlan. Lachlan shares the same conservative views as his father, but the three other eldest Murdoch offspring — Elizabeth, Prudence, and James — adhere to more moderate views. In this regard, Rupert Murdoch wants to change the terms of the family trust so that possible conflicts within the family do not affect the management of the company and do not cause its political reorientation. The media draw parallels between these proceedings and the popular American series "Succession" about conflicts within the family media empire, which was largely inspired by the Murdoch family. Rupert Murdoch is currently married to his fifth wife about 25 years younger than him — retired microbiologist Elena Zhukova, former mother-in-law of Russian tycoon Roman Abramovich.
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Media Mogul Murdoch Loses Bid to Amend Family Trust - Reports
03:34 GMT 10.12.2024 (Updated: 03:57 GMT 10.12.2024) WASHINGTON, December 10 (Sputnik) - Conservative media mogul Rupert Murdoch has suffered his first defeat in his bid to strip his more liberal children of voting rights in order to consolidate control of his media empire with his eldest son Lachlan, who shares his views, the New York Times reported, citing a sealed court document.
Commissioner Edmund J. Gorman Jr. found in a ruling filed Saturday that the father and son, who are the heads of Fox News and News Corp., acted in "bad faith" in their efforts to amend an immutable trust
that divides control of the company equally among Mr. Murdoch's four eldest children — Lachlan, James, Elizabeth and Prudence — after his death, the newspaper said.
The hearing is being held behind closed doors, while a Nevada court is separately considering whether to open the trial to the public in a lawsuit filed by several US publications.
The commissioner, whose recommendations the court must ultimately approve or reject, called the plan to amend the trust an "carefully crafted charade," the newspaper noted.
Rupert Murdoch will have the opportunity to appeal even if he loses in court.
Rupert Murdoch, 93, founded the News Corporation media holding in 1979. It includes
the Wall Street Journal, Times, Sun, and New York Post newspapers. In addition, the billionaire owns the Fox News channel and the 20th Century Fox television company, as well as a number of satellite operators and the Dow Jones news agency. In September 2023, the media reported that Murdoch was leaving the post of chairman of the board. His place was taken by his son Lachlan.
Lachlan shares the same conservative views as his father, but the three other eldest Murdoch offspring — Elizabeth, Prudence, and James — adhere to more moderate views. In this regard, Rupert Murdoch wants to change the terms of the family trust so that possible conflicts within the family do not affect the management of the company and do not cause its political reorientation.
The media draw parallels between these proceedings and the popular American series "Succession" about conflicts within the family media empire, which was largely inspired by the Murdoch family. Rupert Murdoch is currently married to his fifth wife about 25 years younger than him — retired microbiologist Elena Zhukova, former mother-in-law of Russian tycoon Roman Abramovich.
