Murdoch Family Begins Family Trust Hearing in Closed Court
Court proceedings have begun in Reno, California, concerning an attempt by Rupert Murdoch, 93, to alter the terms of his family's trust created in 1999 dictating the distribution of media company shares between his children upon his death....
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Facts
- Court proceedings have begun in Reno, California, concerning an attempt by Rupert Murdoch, 93, to alter the terms of his family's trust created in 1999 dictating the distribution of media company shares between his children upon his death.[1]
- It has been reported that Murdoch is attempting to edit 'irrevocable' terms of the agreement that would split shares and control of News Corp and Fox Corp between son and current chair Lachlan Murdoch and three of his siblings, James, Elisabeth, and Prudence Murdoch.[2]
- Murdoch reportedly wishes for his son Lachlan to maintain control of both corporations without 'interference' from other siblings after his death. The Murdoch Family Trust (believed to be worth $19.5B) owns both media companies.[3][4]
- Although The New York Times — citing a sealed Washoe County court document — has reported on the case, the hearing, which is expected to continue into next week, is closed to the public.[5]
- While the trust owns only approximately 14% of News Corp's equity, it holds 41% of the group's voting shares. In the last year, shares in Fox Corp and News Corp have respectively risen by 24% and 30%.[6]
- News Corp and Fox Corp owns media outlets such as Fox News, Sky News Australia, The Sun, The Wall Street Journal, and the New York Post.[7]
Sources: [1]Reuters, [2]Abc, [3]BBC News, [4]CNN, [5]Associated Press, [6]Ft and [7]Investopedia.
Narratives
- Left narrative, as provided by The Daily Beast and Vanity Fair. The Murdoch media empire is following directly in the footsteps of TV drama Succession as Rupert Murdoch and his son Lachlan seek to defend their right-wing agenda by attempting to unwind their family's legal rights. With the court case shrouded in mystery, only time will tell whether the media mogul is successful in his attempts to ostracize his children for the sake of ideology and profit margins.
- Right narrative, as provided by Skynews. Murdoch's family seeks to bite the very hand that has fed them for decades. Whether they like it or not, the fortunes amassed by the media mogul are a direct consequence of its unique focus on right-wing coverage, and any attempt to change this is to endanger all that the family has built. Having de facto run both corporations for over half a decade and proudly holding conservative opinions, it is only natural that Lachlan Murdoch is the rightful successor.
