Rupert Murdoch is "locked in a secret legal battle against three of his children over the future of the family's media empire", according to reports first published in The New York Times.
In a rift reminiscent of the smash-hit TV series "Succession", the 93-year-old tycoon and his eldest son, Lachlan, are taking legal action to keep Lachlan's siblings out of News Corp, which owns media brands including The Times, The Sun and Fox News.
What is the legal battle about? Currently, a family trust "hands control of the family business to the four oldest children when Mr. Murdoch dies", said the NYT. However, Murdoch is reportedly concerned about maintaining his empire's "conservative editorial bent" and wants to change the terms of the trust to ensure that Lachlan can take sole control – "without interference from his more politically moderate siblings".
James, Elisabeth and Prudence Murdoch, who were "said to have been blindsided by the move, have reportedly hired their own legal team to contest their father's plans", said Fortune. A trial is reportedly set to begin in September. Any "restructuring of the trust would have significant implications for decision-making at the top of the Murdoch empire", said the Murdoch-owned Wall Street Journal.
What does it mean for the Murdoch family? Murdoch has "brought several of his children into the business over the years", and is "widely believed to be the inspiration for the character of Logan Roy" in the TV show "Succession", said CNN. Elisabeth and Prudence "made it a point to distance themselves from the family business", said Business Insider. "Elisabeth left the media empire years ago in 2000, while Prudence is said to be the least involved in the business."
However, James has expressed critical opinions of News Corp brands, including the outlet Lachlan currently helms: Fox News. There are "views I really disagree with on Fox", James told The New Yorker in 2019. A year later James left his seat on News Corp's board of directors because of his "disagreements over certain editorial content published by the company's news outlets and certain other strategic decisions", he said in his resignation letter. |