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Court Blocks Rupert Murdoch’s Attempt to Alter Family Trust

Murdoch Family Feud: Trust Battle Denies Lachlan Sole Control

by pinkfloyd
December 10, 2024
in Business, Entertainment
0
Real-Life ‘Succession’ Drama: Murdoch's Plan to Favor Lachlan Rejected

Control of Murdoch Media Empire Sparks Family Clash - Reuters

Murdoch’s Real-Life ‘Succession’ Drama: Court Blocks Bid to Alter Family Trust

A Nevada court commissioner has rejected media mogul Rupert Murdoch’s attempt to modify the family trust governing his vast media empire, echoing the intense power struggles depicted in the TV series Succession.

The Battle for Control

The case revolved around Murdoch, 93, and his eldest son, Lachlan, seeking to secure sole control of News Corp and Fox News after Murdoch’s death. The proposed changes would have minimized interference from Murdoch’s three other adult children—Prudence, Elisabeth, and James.

However, the court found the attempt to amend the 1999 family trust to be a “carefully crafted charade,” ruling that Murdoch and Lachlan had acted in “bad faith,” according to The New York Times.

Family Divided

In response, Prudence, Elisabeth, and James issued a joint statement welcoming the ruling and expressing hope for reconciliation:

“We welcome Commissioner Gorman’s decision and hope that we can move beyond this litigation to focus on strengthening and rebuilding relationships among all family members.”

Murdoch’s attorney, Adam Streisand, expressed disappointment with the decision and announced plans to appeal.

Echoes of Fiction

The Murdoch family’s real-life tensions were reportedly heightened after an episode of HBO’s Succession—a series inspired in part by their empire—featured the patriarch’s sudden death, leading to chaos among his heirs. This spurred Elisabeth’s representative to draft a “Succession memo” aimed at avoiding such turmoil.

Murdoch’s youngest daughters, Grace and Chloe, from his later marriages, do not hold voting rights under the trust, further narrowing the power dynamics to his eldest four children.

Legacy at Stake

The battle centers not on wealth but on control of a media empire that spans influential outlets like The Times, The Sun, and The Wall Street Journal, as well as Fox News. Differences in political and ideological leanings among the children have exacerbated family tensions, with Lachlan seen as more conservative and aligned with his father’s vision.

Since the 1960s, Murdoch has cultivated a media dynasty with global influence. He groomed his sons for leadership from a young age, emphasizing the importance of family in shaping the future of his empire.

What’s Next?

While the commissioner’s ruling is a significant setback for Murdoch and Lachlan, it is not final. A district judge will review the case and could issue a different decision.

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For now, the court’s decision underscores the fragility of dynastic succession in the face of personal and ideological divides, leaving the future of the Murdoch empire in question.

Source

pinkfloyd

pinkfloyd

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