(qlmbusinessnews.com Wed. 11th Dec, 2024) London, UK —
Murdoch's Bid to Reshape Family Trust Blocked in Court
In a saga reminiscent of the hit TV drama *Succession*, Rupert Murdoch’s attempt to modify a family trust and consolidate control of his vast media empire has been blocked by a Nevada court commissioner.
The legal battle centred on the future of the Murdoch Family Trust, which governs the ownership of media giants News Corp and Fox News. The 93-year-old media mogul sought to amend the trust, established in 1999, to give his eldest son, Lachlan Murdoch, sole control of the empire, bypassing his three other adult children—Prudence, Elisabeth, and James.
Nevada Commissioner Gloria Gorman ruled that Murdoch and Lachlan had acted in “bad faith,” labelling their efforts a “carefully crafted charade,” according to reports in *The New York Times*.
Murdoch’s legal team expressed disappointment and confirmed plans to appeal. Meanwhile, a spokesperson for the other siblings welcomed the decision, expressing hope for a renewed focus on family unity.
Succession-Inspired Real-Life Drama.
The battle over the trust reportedly escalated after an episode of HBO’s *Succession*—a series inspired by the Murdoch family—depicted a media patriarch's death plunging his family into chaos. This prompted Elisabeth Murdoch’s representative to draft a “‘Succession' memo,” aiming to avoid similar discord in reality.
The trust dispute unfolded under Nevada's “close on demand” statute, allowing the proceedings to remain sealed. The fight is not about money but power, as the trust controls voting rights over the companies' boards.
Currently, Rupert Murdoch controls four of the trust’s eight votes, while his four eldest children—Prudence, Lachlan, Elisabeth, and James—each hold one vote. Upon Murdoch’s death, these votes are set to be distributed equally among the four. Murdoch's two youngest daughters, Grace and Chloe, are beneficiaries but hold no voting rights.
Family Rift Over Legacy.
The attempted changes reflect concerns about divisions within the family. Lachlan, seen as more conservative than his siblings, is viewed as likely to preserve the media empire's current direction. However, differences in opinion have reportedly caused tension, threatening the unity Murdoch long sought to instil.
This battle underscores the complexities of safeguarding a dynasty. While Commissioner Gorman’s ruling serves as a significant roadblock, it is not final. A district judge will review the case, though the ultimate ruling may take months and remain confidential.
For now, the future leadership of one of the world’s most influential media empires remains uncertain.
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