In a dramatic Reno courtroom, the future of Rupert Murdoch’s expansive media empire hung in the balance as a pivotal hearing concluded. At 93, the media mogul is maneuvering to modify the family’s trust, which safeguards substantial stakes in Fox Corp and News Corp. His intent? To secure the reigns for his eldest son, Lachlan Murdoch, when he passes.
The closed-door proceedings spanned the past week, examining whether Rupert Murdoch’s actions are rooted in good faith. Despite attempts by several news organizations, including Reuters, to pry open the courtroom doors, a Nevada judge upheld a decision to keep the hearings private. The appeal to the state supreme court aimed to pause the proceedings until the issue could be resolved, but the court ultimately allowed the hearings to proceed, issuing a timeline for the Murdoch family to respond to the media’s request to unseal court documents.
The Murdoch trust, established during Rupert’s divorce from his second wife in 1999, serves as the linchpin for his control over News Corp and Fox, granting him a commanding 40% of the voting shares in both companies. Upon his death, these shares will pass to his four eldest children—Prudence, Elisabeth, Lachlan, and James. However, this division holds the potential for a contentious power struggle, as three siblings could outvote Lachlan, despite his current leadership positions.
Rupert Murdoch’s proposed amendments aim to eliminate any interference from his more politically moderate children, potentially intensifying the familial discord as the empire prepares for its next chapter.
