Report: Rupert Murdoch Fails in Bid to Change Family Trust

Improve the News Foundation -

Facts

  • The New York Times has reported that a Nevada court commissioner rejected Fox News and News Corp. owner Rupert Murdoch's attempt to amend his family trust, which would have given his eldest son Lachlan control of his media empire after his death.[1]
  • Fox News is owned by Fox Corp., while News Corp. owns outlets including Sky News Australia, The Sun, The Wall Street Journal, and the New York Post. In late 2023, Murdoch announced that he was transitioning to the role of chairman emeritus, with Lachlan becoming chairman of both companies.[2]
  • The trust currently gives Rupert four out of eight family votes concerning Fox News and News Corp, with the other four divided equally among his eldest children — Lachlan, James, Elisabeth, and Prudence. Upon his death, the four outstanding votes will be equally divided by the trust.[3][4]
  • Commissioner Edmund Gorman reportedly ruled that Rupert and Lachlan Murdoch acted in "bad faith," and called their efforts a "carefully crafted charade" designed to cement Lachlan's control of the companies.[5][6]
  • The ruling, which was welcomed by James, Elisabeth, and Prudence, still requires approval from a district judge. Meanwhile, Rupert Murdoch's lawyer, Adam Streisand, announced plans the appeal the decision.[7]

Sources: [1]The New York Times, [2]Investopedia, [3]Press Gazette, [4]BBC News, [5]Daily Mail, [6]CNN and [7]Reuters.

Narratives

  • Left narrative, as provided by Vanity Fair and The Guardian. This ruling was a necessary defense of the integrity of the family trust and a blow to Rupert Murdoch's legacy. Trusts are designed to ensure stability and fairness, not to be manipulated for personal or political agendas. Murdoch's attempt to rewrite the rules to favor Lachlan simply because his other children hold different political views was an abuse of this structure. Upholding these terms ensures equitable governance, just as Murdoch intended when he established the trust years ago.
  • Right narrative, as provided by Sky News and Sky News.This ruling has dangerous consequences for the news industry. Except for Lachlan, it is well known that Murdoch's woke children openly scheme to alter the ideological direction of their father's companies. This is in spite of the fact that conservatism is both a necessary feature of a balanced media diet, as well as the very foundation of the empire his family has so happily benefited from for decades. Undermining a man's end-of-life wishes is the ultimate betrayal.