2024-07-26 02:13:23
New Delhi: The Murdoch family is known for running one of the world’s largest media empires. It is embroiled in a secret court battle over succession and control. This information has come to light in a New York Times report. It cites sealed court documents. For a long time, people were curious to know what would happen to Rupert Murdoch’s wealth after 93 years of age. Rupert Murdoch is a powerful media mogul with right-wing ideology. For years, he has been leading Fox Corporation and News Corporation. News Corporation publishes ‘The Wall Street Journal’ and ‘New York Post’. According to Forbes estimates, his family’s vast empire is worth $19.5 billion. The story of HBO’s hit series ‘Succession’ is believed to be inspired by the internal strife within his family. At the center of this latest battle is the Murdoch family trust. It holds major voting shares in both Fox Corp and News Corp. Rupert Murdoch’s four eldest children – Lachlan, James, Elizabeth and Prudence – share four votes equally in the trust. But, according to The Times, late last year Rupert Murdoch filed a petition to amend the irrevocable family trust. He wanted to give exclusive control to his eldest son and heir Lachlan. Lachlan has been very close to his father over the years. In September last year, he took over as chairman of Fox Corp and News Corp.
What is Rupert Murdoch worried about?
The Times cited court documents as saying Murdoch was concerned that his other three children were more politically liberal than Lachlan and their father and that this could influence the companies’ editorial stance. CNN has not independently seen these court documents.
According to The Times, Murdoch is arguing in court that by giving control only to Lachlan he is protecting the value of the companies. This will benefit all his heirs. The trust allows only those changes that are made in good faith and with the aim of benefiting all heirs.
In response, the other three siblings have filed a legal challenge, according to The Times. They argue that their father is not acting in good faith and is violating the spirit in which the trust was created. A hearing on the case is expected to begin in September. CNN has contacted legal representatives on both sides for comment.
The tussle between siblings over succession is old
There have been differences in the family before. There has been a tussle between the siblings for years over succession. Prudence is Rupert’s eldest child from his first marriage. She never showed much interest in the family business. As such, she stayed away from the battle for succession. However, she has worked in different positions in News Corp during her career. Lachlan is Rupert’s eldest son from his second marriage. He started learning the family business at a young age. He soon climbed the ladder of succession. Lachlan has been at the helm of Fox News since 2019. He oversaw a period of widespread misinformation spread about the 2020 election and the COVID-19 pandemic.
James is at number three. He supported Joe Biden in the 2020 presidential election. He donated to people with democratic ideology. In 2020, he broke ties with the company due to disagreement over some editorial content and other reasons. James has clashed with the conservative political views of his father and brother many times. Even sometimes publicly. He has criticized those who deny climate change. Along with his wife Katherine, he also criticized the reporting done in Murdoch News newspapers regarding the fire in Australia.
Elizabeth may be considered the most similar to Rupert, but she has struggled to move up in the family business. Instead, in recent years she has started a production company and funded a non-profit program focused on giving young actors a chance in the entertainment industry.
Connection is being made with ‘Succession’
It is believed that the inspiration behind the character of Logan Roy in ‘Succession’ is Rupert’s habit of pitting his siblings against each other in the race to choose his successor. This show has won several Emmy Awards. Its last season came last year. Last year, when Rupert decided to step down from the post of chairman of his companies, there was a stir in the political world. The reason was that preparations were going on for the 2024 presidential election. Murdoch has a lot of influence in the Republican Party.
“By making his family the business and the business his family, Rupert left his family as tattered as his company was when he sold it to Disney,” The Times writer Jim Rutenberg said in the 2022 CNN original series “The Murdochs: Empire of Influence.”