The Fin Succession part 1: The Murdochs
Sep 18, 2024
Neil Chenoweth, a senior writer known for his keen insights into media dynamics, joins Sam Buckingham Jones, a savvy media and marketing reporter. They dissect the tense succession drama involving Lachlan Murdoch and the lingering influence of Rupert Murdoch. Legal battles are brewing among family members, with stakes high for News Corp's future. The discussion also unpacks the implications of dual-class shares and internal family conflicts on the profitability of major media outlets. It’s a rollercoaster of ambition, rivalry, and strategic maneuvering.
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Murdoch Family Trust Origins
- Rupert Murdoch's divorce settlement with Anna Murdoch Mann in 1999 included a condition regarding the family trust.
- This ensured equal shares, power, and wealth for their children Elizabeth, Lachlan, James, and Prudence.
Sibling Allegiances and Divisions
- The Murdoch siblings' allegiances are divided, with Rupert and Lachlan aligned against Elizabeth, James, and Prudence in the court case.
- Prudence's stance remains unclear, but the lawsuit has solidified the opposition of the three siblings against Rupert's proposed changes.
Lachlan's Mixed Track Record
- Lachlan Murdoch's track record includes both successes and failures, such as the One.Tel disaster and the REA Group investment.
- News Corp's investment in REA, a digital advertising company specializing in property, has been a significant win for Lachlan.