Rupert Murdoch has lost the battle for control of his media empire succession: four of his adult children will maintain the same voting power after his death, despite the mogul’s attempt to pass it on to his eldest son Lachlan. This was reported by the New York Times, citing a sealed court decision filed in recent days.
“A Nevada commissioner has dramatically ruled against Rupert Murdoch’s attempt to amend the family trust to consolidate control of the media empire by eldest son Lachlan and maintain Fox News’ right-wing editorial line,” the Nyt writes.
Commissioner Edmund J. Gorman Jr concluded in a decision filed on Saturday that the father and son – who lead Fox News and News Corp – acted in “bad faith” in trying to amend the irrevocable trust, which equally divides control of the company among Murdoch’s four eldest children (Lachlan, James, Elisabeth, and Prudence) after his death, the newspaper continues.
The ruling was at times severe, the newspaper notes, emphasizing that at one point in his 96-page opinion, Gorman describes the trust amendment plan as a “carefully orchestrated charade” to “permanently cement Lachlan Murdoch’s executive roles” within the empire, “without considering the impact such control would have on the companies or beneficiaries of the family trust.
Murdoch had taken his children James, Elisabeth, and Prudence to court in an attempt to completely eliminate their voting power over the trust he created. His lawyer, Adam Streisand, stated that Murdoch and Lachlan are disappointed by the ruling and intend to appeal.
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