This article was originally published on Business information.
An Intra-Family Struggle That Could Have Been Taken Straight Out of a Book Jesse Armstrong’s “Succession” takes place behind the scenes for the future Rupert Murdoch’s vast media empire.
Rupert Murdoch announced last September that stepping down as chairman of Fox and News Corp. — which incorporates Fox News, The Wall Street Journal and The New York Post — entrusting the helm to his older son Lachlan Murdoch.
This Lachlan’s anointing over his three older children — James, Elisabeth and Prudence — appeared to address many years of speculation about which Murdoch member of the family would lead the way forward for the right-wing media conglomerates following the death of Rupert, who is now 93.
Lachlan, who is sometimes considered an alternative to Roman Roy, as reported by Business Insider’s Madeline Berg, would likely maintain the media empire’s political sympathies once he takes office.
However, the family conflict seems far from over.
Sealed court document reviewed by New York Times reported that a quiet legal battle for control of Fox and News Corp. is underway in Reno, Nevada, pitting James, Elisabeth, and Prudence against their father.
According to a report in The Times, citing court documents, Murdoch is trying to vary the terms of a family trust that originally gave his 4 eldest children equal say in running the media empire to present Lachlan complete control.
Murdoch argues in court that he is making the change to the largely irrevocable trust in good faith to guard the value of his corporations for the advantage of his children, the Times reported. A minor caveat in the trust allows for the changes so long as all named heirs profit, the Times reported.
According to documents seen by the Times, Nevada’s probate commissioner has determined that Murdoch can make the changes if he can prove he acted in good faith. The Times says a hearing is scheduled for September.
While Murdoch’s changes won’t affect the children’s ownership stakes, the new edition of the trust agreement will increase Lachlan’s voting rights at Fox and News Corp., making it unattainable for his siblings to challenge him, in response to court documents obtained by The Times.
James, Elisabeth and Prudence, who are represented by the same lawyer, say the decision violates the “principle of equal management” in the trust and are determined to retain control of their father’s corporations, the Times reported.
Lawyers for Murdoch and his three older children didn’t immediately reply to a request for comment.
Murdoch’s decision handy Lachlan control of his media empire has put the patriarch at odds with his three eldest children, the Times reports.
None of the three children attended Murdoch’s wedding. Elena Zhukova in June in his California vinesin response to the Times.
Over the years, conflicts began to emerge inside the family, stemming from Murdoch’s news corporations.
What is particularly telling is that James, a climate activist who once seemed a prime candidate to take over the media empire, publicly bristled at Fox News’ coverage and acceptance of Donald Trump.
“There are views I completely disagree with at Fox” James he said in a 2019 interview with The New Yorker, about a yr before leaving the News Corp. board.
“My resignation is the result of disagreements regarding certain editorial content published by the Company’s news services, as well as certain other strategic decisions,” his son wrote in a temporary resignation letter.
Elisabeth and Prudence, nevertheless, have made it a point of honor to distance themselves from the family business. Elisabeth left the media empire years ago, in 2000, while Prudence is said to be the least involved in the business.