Rupert Murdoch Loses Bid to Change Family Trust to Give Control to Son Lachlan (Report)

As a seasoned cinema devotee and long-time observer of the intricate dance of power within the corporate world, I find myself captivated by the latest chapter unfolding in the Murdoch family saga. The recent rejection of Rupert Murdoch‘s attempt to alter the family trust governing Fox Corp. and News Corp. is not just a battle for control, but a dramatic struggle that could significantly shape the future of conservative media.

Last week, a judge in Las Vegas rejected Rupert Murdoch’s controversial plan to alter the family trust that manages Fox Corp. and News Corp. This decision temporarily halts Murdoch’s attempts to modify the guidelines for how his four children, including current Fox CEO Lachlan Murdoch, would control these companies following his death.

On Monday, The New York Times disclosed that Edmund J. Gorman Jr., a probate court commissioner in Las Vegas, turned down Rupert Murdoch’s attempt to grant Lachlan Murdoch control over the companies. Currently, an irrevocable family trust, which Murdoch had filed a case to modify in court, ensures that Lachlan, James, Prudence, and Elisabeth Murdoch have equal influence in managing Fox Corp. and News Corp. Any decisions they make could impact the future direction of assets like the Fox News Channel, a conservative cable network with substantial sway over Republican and right-wing audiences.

It’s been reported that Rupert Murdoch plans to challenge the ruling, as per a source with knowledge of the situation. However, Adam Streisand, who is representing Murdoch in this matter, was unavailable for an immediate response. Similarly, neither Fox Corporation nor News Corporation could be reached for an immediate comment.

According to The Times’ report, Rupert Murdoch has aimed to preserve a conservative bias within his media empire, most significantly at Fox News, which plays a crucial role as an economic pillar for Fox Corporation. However, it’s well-known that James Murdoch and Elisabeth Murdoch, Rupert’s siblings, have political views that differ from their brother’s. In fact, James has supported various causes that contradict the viewpoints expressed on the cable network.

The trouble has come in trying to change the trust.

To carry out his plans, the senior Murdoch needed to demonstrate that they were beneficial for everyone involved. However, Gorman disagreed with this idea, stating in a 96-page ruling that the plan was essentially a well-designed deception intended to “permanently secure Lachlan Murdoch’s executive positions,” disregarding the potential effects such control might have on the companies or the trust beneficiaries, as reported by The Times.

Fundamentally, the Times revealed, questions arose concerning James Murdoch’s motivations. In more recent times, James seems to have grown distant from his father and brother. Lachlan Murdoch and their father, on the other hand, were exploring different strategies to exclude the other three siblings from decision-making processes.

In Gorman’s ruling, as reported by The Times, he stated that the action was essentially an attempt to ensure Lachlan Murdoch would take over after Rupert Murdoch’s death without question. This strategy might have been successful; however, an evidentiary hearing, much like a decisive round in a poker game, is where strategic maneuvers meet facts. At the end of this process, all hidden strategies are exposed, and everything is laid bare for everyone to see.

Regardless of the verdict, my understanding is that the case isn’t necessarily closed yet. As reported by The Times, a district judge still needs to endorse Gorman’s decision, and should Rupert Murdoch choose to contest it, he has the opportunity to do so.

–Gene Maddaus contributed to this story

2024-12-10 00:17

Rupert Murdoch Loses Bid to Change Family Trust to Give Control to Son Lachlan (Report)

Read More

Minority Mindset