Rupert Murdoch’s vast media empire is facing a significant setback after a Nevada commissioner ruled against his attempt to change his family’s trust and solidify his eldest son Lachlan in charge of the company. The decision, made by Edmund J. Gorman Jr., stated that Murdoch and Lachlan acted in “bad faith” during their effort to alter the irrevocable trust, which is estimated to be worth around $12 billion.
The ruling comes as a result of a lengthy court battle that was sparked by an episode of the HBO series Succession, which depicted the patriarch of the family dying and sparking discussions about who would take control of the media empire. Murdoch’s children, including Lachlan, James, Elisabeth, and Prudence, met with trust representatives in September to discuss their father’s succession plans, revealing that they had started secretly discussing public relations strategies for his death.
The Murdochs have a complex family tree, with six children who will inherit the family fortune. However, the two youngest siblings, Chloe and Grace, do not stand to gain the same voting power as Lachlan, James, Elisabeth, and Prudence. The trust was established in 1999 as a compromise amid Murdoch’s divorce from his second wife Anna Torv.
Lachlan is seen as a top contender to control the media empire after Murdoch’s death due to his alignment with his father’s political views. However, James has a history of disagreements with his father over business and politics, making Lachlan a more appealing choice. The Nevada commissioner’s decision means that Lachlan and Murdoch will have to continue their efforts to solidify Fox News’ right-wing editorial stance despite the ruling.
Murdoch has argued that maintaining this stance is in the best financial interest of the beneficiaries, but he plans to appeal the decision. As a result, the future of the media empire remains uncertain, with many stakeholders watching closely to see how the situation unfolds.
Source: https://fortune.com/2024/12/10/rupert-murdoch-children-succesion-hbo-planning