The family fight over control of Rupert Murdoch’s TV and publishing dynasty began Monday in Reno, NV. Murdoch, now 93, is attempting to change the terms of the family trust, which is a large shareholder of Fox and Wall Street Journal. Murdoch wanted control of the companies to stay under the control of his eldest son, who was most politically aligned with Murdoch, Lachlan Murdoch.
The New York Times obtained a sealed court document detailing the family drama, but there won’t be much information available from the proceedings as the judge denied Reuters and other news organizations’ request to open the hearings to the public. The Murdoch trust was started in 1999 when he divorced his second wife, Anna. The family has about a 40% share in voting shares of each company.
All voting shares will transfer to his four oldest children – Prudence, Elizabeth, Lachlan, and James. Under the current trust, three of the children could vote out the fourth, which would set up a battle for the company’s future. Other than Lachlan, the other three children are more moderate politically. The hearing will determine if Rupert Murdoch is acting in good faith and is taking place in the probate court in Reno, NV.
Image: AP
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