Court denies Rupert Murdoch's attempt to change family trust
Rupert Murdoch, the media mogul behind News Corp and Fox News, has failed in his attempt to change a family trust. The Nevada court commissioner denied Murdoch's proposal to hand over control of his media empire to his eldest son, Lachlan. The decision comes as a major development in the ongoing dispute over who will inherit control of Murdoch's businesses after his demise.
Murdoch's plan to amend trust deemed 'bad faith'
Murdoch had wanted to change a family trust set up in 1999, to allow Lachlan to take over without any interference from his siblings - Prudence, Elisabeth, and James. However, the Nevada commissioner ruled that both Murdoch and Lachlan had acted in "bad faith." The commissioner described their attempts as a "carefully crafted charade," a report in The New York Times stated.
Family members react to court's decision
After the court's ruling, a spokesperson for Prudence, Elisabeth, and James said, "We welcome Commissioner Gorman's decision and hope that we can move beyond this litigation to focus on strengthening and rebuilding relationships among all family members." Meanwhile, Adam Streisand, Murdoch's attorney said he was disappointed with the ruling and revealed plans to appeal.
The Murdoch issue mirrors TV series 'Succession'
The Murdoch family's internal feud over the media empire has been compared to the hit TV series Succession. According to The New York Times, after an episode of the show where "the patriarch of the family dies, leaving his family and business in chaos," Murdoch's children started talking about how they would deal with it. This prompted Elisabeth's trust representiative to draft a "'Succession' memo" to avoid it in real life.
Nevada's privacy laws shield Murdoch family trust dispute
The legal battle over the Murdoch family trust has taken place behind closed doors, thanks to Nevada's strong confidentiality protections for family trust disputes. The state's lack of income and inheritance taxes, coupled with its strong privacy protections, have made it a popular choice for family trusts. Choosing Reno over Las Vegas further added to the secrecy of these proceedings.
