2024-07-26 22:04:34
The New York Times (NYT) reported on the 24th (local time) that Rupert Murdoch (93), a media mogul in the English-speaking world, is engaged in a legal battle with his three children over the future of the ‘conservative media empire’ he created. Murdoch believes that the management stability of his eldest son, who is currently his successor, is necessary in order to maintain the conservative editorial direction of his media outlets, including Fox News.
Last September, Murdoch stepped down from his management positions at News Corporation, which owns the Wall Street Journal, the New York Post, and the Times of London, and Fox Corporation, which owns Fox News. His eldest son, Lachlan (53), took over and became chairman.
The New York Times reported that Murdoch attempted to change the terms of the family trust in December last year so that Lachlan could continue to manage the company after his death. The current family trust stipulates that when Murdoch dies, his four children, eldest son Lachlan, second son James (51), eldest daughter Prudence, and second daughter Elizabeth, will inherit the company. It also grants equal voting rights to all four children. Therefore, depending on how the brothers form an alliance, the management of the eldest son Lachlan could be greatly shaken.
But Murdoch is arguing in court that he must give his eldest son the authority to run the company “without interference from his politically moderate brothers” in order to maintain a conservative editorial stance and protect the interests of his heirs, the Times reported. He plans to give Lachlan permanent, exclusive control of both companies.
Considering Murdoch’s age, this fight could be the ‘last fight’. The New York Times analyzed that ‘politics and power’ are behind the family conflict, and pointed out that “the Murdoch family’s political views have been sharply divided since Murdoch devised the (family) trust nearly 25 years ago.”
Lachlan is the most conservative of Murdoch’s children. In comparison, his second son James has shown a relatively moderate tendency, such as donating $1 million to President Joe Biden in 2020. In particular, after the storming of the US Capitol on January 6, 2021, he actively criticized Fox Media, where he previously worked, saying that it was “spreading lies.” The other two daughters are also said to be concerned about Fox Media’s rightward shift.
The trial, which will involve the future of the most politically influential media company in the English-speaking world, is scheduled to begin in September, two months before the U.S. presidential election. Last month, the Nevada probate court ruled that the trust could be amended if Murdoch could prove that he acted in good faith and for the benefit of his heirs. Both sides are preparing by appointing high-profile estate attorneys and lining up extravagant legal teams.
Reporter Kim Bo-ra [email protected]
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2024-07-26 22:04:34