Court Battle Erupts Over Control of Rupert Murdoch's Media Empire

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ICARO Media Group
Politics
16/09/2024 15h32

A high-stakes court battle is set to determine the future of media mogul Rupert Murdoch's vast empire, as a family trust worth £14.9bn comes under scrutiny. The legal proceedings, which began in the US on Monday, will see 93-year-old Murdoch facing off against his three eldest children in a battle for control over News Corp and Fox News after his passing.

At the heart of the dispute is an attempt by Murdoch to amend the family trust created in 1999. His intention was to grant his eldest son, Lachlan, complete control without any interference from his siblings Prudence, Elisabeth, and James. This move reportedly triggered a rift within the family, leading to tensions that have now spilled into the courtroom.

The Murdoch family's story has long been a source of intrigue, with many drawing parallels between their dynastic struggles and the hit TV series "Succession". However, the family has remained tight-lipped about these comparisons. What is known is that Murdoch, who has been married five times, also has two younger children, Grace and Chloe, who lack any voting rights under the trust agreement.

Having built his media empire from the 1960s onwards, Murdoch's companies, News Corporation and Fox, hold significant influence globally. News Corporation owns renowned newspapers like The Times, The Sun, and The Wall Street Journal, while Fox broadcasts the influential Fox News network. Over the years, Murdoch had groomed his sons Lachlan and James to succeed him, starting from their teenage years, as revealed in the BBC documentary "The Rise of the Murdoch Dynasty".

In 1999, the Murdoch Family Trust was established to settle succession plans, effectively giving the family eight votes for board decision-making at News Corp and Fox News. Currently, Murdoch controls four of those votes, with each of his eldest children controlling one. The trust agreement stipulates that upon Murdoch's death, his votes would be evenly distributed among his four eldest children. However, political differences and divergent viewpoints have now fueled a rift within the family.

Following his father's footsteps, Lachlan Murdoch was appointed chairman of Fox and News Corp, reportedly sharing similar right-wing views. This development prompted James, Elisabeth, and Prudence to unite and challenge the power shift. The ongoing court battle, which is expected to span over the next week, features testimonies from both Rupert Murdoch and his four children named in the trust.

The case, shielded from media coverage, may potentially end in a settlement, as is often the case with family disputes of this nature. However, it could also be prolonged if either side decides to appeal a verdict. Prudence, Murdoch's eldest child from his first marriage, has joined forces with her siblings in this fierce fight for control.

The outcome of this courtroom drama will not only determine the fate of Rupert Murdoch's media empire but also shed light on the intricate dynamics and power struggles within one of the most influential families in the media industry.

The views expressed in this article do not reflect the opinion of ICARO, or any of its affiliates.

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