Rupert Murdoch lost his bid to change the family trust in a real-life ‘Succession’ battle due to the following reasons:
- The court ruled against Murdoch’s attempt to modify the irrevocable trust[1][3].
- A Nevada commissioner concluded that Rupert Murdoch and his son Lachlan had acted in “bad faith” in their efforts to amend the trust[1][2].
- The commissioner called their actions a “carefully crafted charade” designed to “permanently cement” Lachlan’s control[2][3].
- The proposed changes were seen as an attempt to “stack the deck in Lachlan Murdoch’s favor”[3].
Background
- The trust currently divides control of the company equally among four of Rupert Murdoch’s children – Prudence, Elisabeth, Lachlan, and James – after his death[1][5].
- Murdoch sought to change the trust to allow his eldest son, Lachlan, to maintain control of the media empire without interference from his siblings[4][8].
- The changes were intended to preserve Fox News’ conservative editorial slant and, according to Murdoch, maintain the businesses’ commercial value[1][2].
Implications
This ruling maintains the status quo of the trust, ensuring that control will be divided equally among Murdoch’s four oldest children upon his death[5][6]. The decision has significant implications for the future of one of the most politically influential media companies in the English-speaking world[5].
Citations:
[1] https://www.euronews.com/business/2024/12/10/succession-battle-murdoch-loses-court-fight-to-change-family-trust
[2] https://www.standard.co.uk/business/business-news/rupert-murdoch-fox-succession-legal-battle-family-trust-b1199071.html
[3] https://theweek.com/business/rupert-lachlan-murdoch-family-trust
[4] https://www.bbc.com/news/articles/cwyllp4rey9o
[5] https://www.nytimes.com/2024/07/24/business/media/rupert-murdoch-succession-fox.html
[6] https://www.youtube.com/watch?v=HAozz3Kiyxg
[7] https://www.youtube.com/watch?v=F3vv0E-kdX8
[8] https://www.bbc.com/news/articles/c2ld084z8jjo
Source: Midtown Tribune