Murdoch, 93, is attempting to ensure his eldest son and heir apparent, Lachlan, has more control over the future of his businesses by securing him greater voting power compared to his siblings, a sealed court document seen by The New York Times has revealed.
The question of who will take over Murdoch’s sprawling empire, which includes Fox News, the Wall Street Journal and British assets including The Sun and Times newspapers, has captured the attention of the public in recent years – with the storyline having even partially inspired the acclaimed HBO series Succession.
Upon announcing his retirement in September, Murdoch appeared to settle the debate by naming his right-leaning son Lachlan as chair of News Corp and chair and chief executive of Fox Corp. However, he has now moved to ensure these arrangements remain in place after his death, by legally ensuring the 52-year-old cannot be vetoed by three of his more politically moderate siblings.
At present, the Murdoch Family Trust has eight votes: four controlled by Murdoch senior, and the remaining four controlled by the four eldest children; Lachlan, James, Elisabeth and Prudence Murdoch.
The NYT said the patriarch has moved to change the terms of the trust in court to increase Lachlan’s voting power and protect the empire’s conservative political stance, therefore protecting the commercial value for all his heirs.
This story is from the July 26, 2024 edition of The Independent.
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This story is from the July 26, 2024 edition of The Independent.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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