The Indicator from Planet Money How to pass on a global media empire
Sep 24, 2024
The drama of Rupert Murdoch’s media empire unfolds, mirroring the intense family conflicts found in 'Succession.' Legal battles and sibling rivalries among his children take center stage as they vie for control. The establishment of an irrevocable trust complicates their quest for power. Listen in as the future of Fox News and its influence on media democracy hangs in the balance. This intriguing narrative explores the impact of leadership changes on public discourse and the political landscape.
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The Deal
- Rupert Murdoch's second wife struck a deal after their separation, prioritizing her children's inheritance.
- Instead of suing for half his assets, she accepted a lump sum and ensured equal shares in the Murdoch family trust for her children and his daughter from his first marriage.
Control and Competition
- The irrevocable trust determines control of News Corp's future direction.
- Rupert Murdoch fostered competition between his sons, tying their performance to his approval.
Lachlan's Departure
- Lachlan Murdoch, initially favored, faced undermining from within Fox, including Roger Ailes going directly to Rupert.
- Ailes' dismissive comment, "don't worry about the boy," affected Lachlan deeply, leading him to leave for Australia.
