Media|Rupert Murdoch would like to transfer the influential right-wing media to one of his sons, but the other children are against it.
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Rupert Murdoch and some of his children are arguing about the succession of media companies.
Murdoch wants his son Lachlan to inherit the companies, the other children oppose.
A Nevada court will hear the case.
Fox News, The Wall Street Journal and The Sun are Murdoch’s best-known media outlets.
World the future of the most influential right-wing conservative media empire may soon be decided as a resolution is sought in a major family drama.
The executor of the probate of the Nevada desert town will have to deal with it on Monday Rupert Murdoch’s and the dispute between these three children over who gets to control Murdoch’s media.
The controversy is largely about whether the political line of Murdoch’s media companies will remain as it is now or whether the companies’ future decision-makers will be closer to the political center.
The products of Australian-born Murdoch’s companies include, for example, the television channel Fox News in the United States and the newspapers The Wall Street Journal and the New York Post, as well as The Times and The Sun in Britain.
Fox News in particular has been considered an important mouthpiece of conservatives in the United States, which has been considered to have had its own influence Donald Trump support in the US presidential elections. The Sun, on the other hand, is one of those British tabloids that were seen to have supported Britain’s exit from the EU before the Brexit referendum.
“The reason this is interesting is the large role that Fox has played in the political environment in the United States and around the world,” said the news outlet. Reuters interviewed by a media researcher Paul Hardart from New York University.
In a family drama it’s about a succession dispute with two camps. One of them features Rupert Murdoch and his son Lachlan. The other features Rupert Murdoch’s three other children James, Elisabeth and Prudence.
After separating from her spouse Anna Murdoch of Mann in 1999, Rupert Murdoch founded a fund through which the management of his assets is determined, they say The New York Times and Financial Times. The fund also determines who will inherit the decision-making power of Murdoch’s, 93, companies after his death.
The fund has about 40 percent of the voting power of the News Corp and Fox Corp media companies that are part of Murdoch’s maritime empire, the news agency says Reuters. According to it, Rupert Murdoch also has a small number of company shares outside the fund.
The shares managed through the fund are to be divided equally among the four children when Rupert Murdoch leaves time, reports the Financial Times. This would mean that three of the siblings could beat the fourth in the polls.
Now however, father Murdoch would like the power in his media companies to be inherited only by his son Lachlan, The New York Times says.
According to the magazine, Lachlan is expected to keep the media empire politically on the same lines as his father has. The other three siblings, on the other hand, would be on a more moderate political line.
However, changing the order of succession is complicated by the fact that the fund, where the decision-making power of the heirs is defined, was created at the time as a so-called irrevocable fund. It is a type of fund whose rules are deliberately made difficult to change afterwards.
The change has long been opposed by the siblings, especially James, who, according to the Financial Times, has distanced himself from his father partly due to differences in political views. For example, James has hosted a fund-raising event for the President of the United States representing the Democratic Party Joe Biden good in 2021, says Reuters.
According to the Financial Times, James’ older sisters Elisabeth and Prudence joined in supporting their brother when their father unexpectedly proposed changing the fund’s rules last year.
Now the matter has been filed with the probate court in the city of Reno, Nevada, USA, which is the seat of the fund.
Processing is confidential. Nevada’s data protection laws are among the strictest in the United States, according to the Financial Times. It is for this reason that Nevada is a popular place for probate proceedings for the wealthy who are careful about their privacy.
Rupert Murdoch should prove in the Nevada courtroom that any changes to the fund’s rules do not violate the rights of anyone designated as a beneficiary of the fund, Reuters reports.
“He has to prove that these changes are made in good faith,” said a Nevada lawyer specializing in wills interviewed by Reuters Shane Jasmine Young.
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