The Journal. Rupert Murdoch’s Succession Drama Goes to Court
Sep 17, 2024
A high-stakes trial has kicked off to decide if Rupert Murdoch can alter a trust controlling family assets. His eldest son, Lachlan, is vying for control, while siblings James, Elisabeth, and Prudence oppose the changes fearing loss of power. The podcast dives into the family rift, exploring power struggles and legal maneuvers that define the Murdoch dynasty. As tensions rise, the implications for their vast media empire become increasingly critical.
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Trust Power
- The true power within the Murdoch empire resides in the family trust, not the company boards.
- This trust controls a substantial 40% of the voting shares in both Fox and News Corp.
Irrevocable Trust
- The irrevocable trust, established during Rupert's 1999 divorce, aimed to secure his children's ownership stake.
- Altering it requires demonstrating the changes benefit all stakeholders, a high bar in this unusual case.
Sibling Rivalry
- Lachlan and James Murdoch both vied for control of the Murdoch empire.
- Lachlan left in 2005, feeling undercut, while James's tenure ended after the Disney deal.