Vithanage Erandi Kawshalya Madhushani Jade Times Staff
V.E.K. Madhushani is a Jadetimes news reporter covering Business.
Media Mogul Faces Legal Dispute with Eldest Children Over Control of £14.9bn Family Trust
A high stakes court battle over the future of Rupert Murdoch's media empire and the control of a £14.9bn family trust begins in the US on Monday. The case centers on who will inherit the most significant voting shares and the power to control News Corp and Fox News once the 93 year old media tycoon passes away.
The legal showdown pits Mr. Murdoch against three of his eldest children Prudence, Elisabeth, and James who stand opposed to Lachlan, their brother and current heir apparent. It has been reported that Mr. Murdoch sought to modify the family trust, initially established in 1999, to ensure that Lachlan could take over without "interference" from his siblings.
The Murdoch family's power struggle has often been compared to the drama depicted in the popular TV series Succession, though the family has consistently declined to comment on these parallels.
In addition to his four eldest children, Mr. Murdoch also has two younger daughters, Grace and Chloe, from his marriage to Wendi Deng. However, under the terms of the trust, Grace and Chloe have no voting rights.
Mr. Murdoch’s media empire, which he started building in the 1960s, spans the globe, with holdings that include major publications such as The Times and The Sun in the UK, and the Wall Street Journal in the US. His other company, Fox Corporation, operates Fox News, a network with considerable political influence.
The Murdoch family’s intricate succession plans were supposed to have been largely settled in 1999 with the establishment of the Murdoch Family Trust. The trust, which controls the family’s stake in News Corp and Fox News, grants eight votes. Currently, Mr. Murdoch controls four of those votes, with each of his four eldest children holding one vote apiece.
The trust agreement stipulates that upon Mr. Murdoch's death, his voting power would be evenly distributed among his eldest children. However, tensions have risen over differences in political views and management of the empire. These differences have reportedly caused a rift within the family, with Prudence, Elisabeth, and James allegedly banding together to challenge Lachlan, who shares his father’s right-wing political leanings.
Lachlan, who was appointed as the head of Fox and News Corp, has been groomed for leadership for years, while James, Elisabeth, and Prudence have expressed opposition to the family’s direction under Lachlan’s leadership.
The private court proceedings are taking place at the Washoe County Courthouse in Reno, Nevada, with media access barred from the trial. Testimony is expected from Rupert Murdoch and the four children involved in the trust dispute. The case, first reported by The New York Times after sealed court documents were obtained, could conclude with a settlement or drag on for months if an appeal is filed.
Rupert Murdoch’s complicated family history includes six children from three different marriages. His eldest daughter, Prudence, was born during his first marriage to Patricia Booker. His next three children Elisabeth, Lachlan, and James were born to Anna Mann, his second wife. Grace and Chloe are from his third marriage to Wendi Deng. Mr. Murdoch’s fourth marriage to model Jerry Hall ended in divorce in 2022. He recently married Elena Zhukova in June 2023.
As the court battle unfolds, it could have significant implications for the future control of one of the world’s most influential media empires.
コメント