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

[ificandream]

By Brian Steinberg
Dec 9, 2024 12:50pm PT

Rupert Murdoch‘s eyebrow-raising attempt to restructure the family trust that governs Fox Corp. and News Corp. was rebuked last week in probate court in Las Vegas, thwarting — at least for now — the media mogul’s efforts to change the dictates of how four of his children, including current Fox CEO Lachlan Murdoch might govern the companies after he dies.

The New York Times reported Monday that Murdoch’s bid to ensure Lachlan had control over the companies was rejected by Edmund J. Gorman Jr, a commissioner in probate court in Las Vegas, where Murdoch had filed the case to amend the irrevocable family trust. At present, the trust ensures four of his children — Lachlan, James, Prudence and Elisabeth — will have equal say in governing how Fox Corp. and News Corp. are run Their wishes could have significant effects on the direction of such assets as Fox News Channel, the conservative cable network that has enjoyed an outsize influence on Republicans and right-wing viewers.

Rupert Murdoch intends to appeal the decision, according to a person familiar with the matter. Adam Streisand, an attorney representing Rupert Murdoch in the matter, could not be reached for immediate comment. Representatives of Fox Corp. and News Corp. could also not be reached for immediate comment.

The Times reported that Rupert Murdoch has in recent years wanted to maintain the conservative leanings of his media empire, particularly at Fox News, which has become the economic linchpin of Fox Corp. But James Murdoch and Elisabeth Murdoch are known to hold different political views than their brother, with James notably contributing to causes that are not in keeping with the opinions espoused on the cable network.

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Read more (Variety link): https://variety.com/2024/tv/news/rupert-murdoch-loses-bid-change-family-trust-lachlan-murdoch-fox-news-1236243825/

Gift link to New York Times article: https://www.nytimes.com/2024/12/09/business/media/rupert-lachlan-murdoch-family-trust.html?unlocked_article_code=1.gE4.Micz.Jza9QEvw2KWx&smid=url-share


The battle over the Murdoch family trust will go a long way toward determining the future of the world’s most powerful conservative media empire. Credit...Emily Najera for The New York Times

[jimfields33]

1. Good grief. I thought you could change your trust anytime

you want. I better find out from my financial adviser.