Posted on 09/13/2024 7:54:30 PM PDT by Red Badger
The future of the Murdoch media dynasty, a powerful empire that has shaped conservative politics across the English-speaking world for decades, is about to be hashed out in an unlikely venue: a nondescript probate court in Reno, Nevada.
Surrounded by parking lots and across the road from a business named “Bail Bonds Unlimited”, it is this courthouse in downtown Reno where Rupert Murdoch and his eldest son Lachlan are set to face off against three of his other children: James, Elisabeth and Prudence.
Murdoch, 93, wants to change the trust he set up in 1999 which grants each of the four equal voting power over the family businesses after he dies. His younger children from his third marriage, Grace and Chloe, have no such voting rights.
It is the latest move by the media titan to cement the long-term future of his news outlets, which include Fox News, The New York Post, The Wall Street Journal in the US and The Sun and The Times in the UK. Last September he consolidated control of his publicly traded companies — Fox and News Corp — under Lachlan, and announced his own semi-retirement.
But Murdoch also moved last year to overhaul the family trust to give Lachlan — whose political views are close to those of his father — full control of voting power and decision-making upon his death, according to several people familiar with the matter. The trust has large stakes in both Fox and News Corp.
The move blindsided Prudence, Elisabeth and James, say people familiar with the situation, and left them infuriated. One person close to the siblings described it as “entirely out of the blue”.
(Excerpt) Read more at -ft-com.ezphost.dur.ac.uk ...
It’s his money and his trust and he is still of sound mind I don’t see how the other three children have much of a case.
It seems to me that the other three were just waiting for dear old dad to kick the bucket, while Lachlan actually worked.............
Which one endorsed Kamala ?
I once worked for a combustion burner company, and the owner had four children, two sons, and two daughters. The company was divvied up in equal parts, and the sons wanted to keep the company intact, but the daughters wanted to cash in. Coincidentally, the primary son is also named Lachlan.
This was almost 30 years ago. I have since found out that the company was eventually sold to Honeywell, which closed the Rockford facility where I had worked.
You're right.. they DO NOT!
However, because there is so much FINANCIAL worth at stake they will try their damnedest to turn it into a "PI$$ING CONTEST." I predict that Rupert and Lachlan's attorneys will prevail.
Not sure NewsCorp numbers but Fox News cash flows around one billion a year alone
I don’t watch not since 12/2020
Sanity once more.
One of the reasons why Europe soared while places like India stagnated. Splitting up the parents' fortune equally among children might sound all nice and democratic, but it leads to the dissolution of estates and the aristocracy.
It’s an irrevocable trust, so it’s actually Rupert Murdoch who is on thin ice. He might lose.
I only recently discovered that Lachlan Murdock's wife Sarah appeared in the 7th season of Friends in the episode "The One With Ross's Library Book."
She played the blonde woman who checked out Ross's book and they make out in the library stacks.
She married Lachlan the year before this episode was filmed.
-PJ
Interesting.... you have a powerful point.
Interesting.... you have a powerful point.
When James was sharing power with Lachlan, James and James’ uber-progressive wife were steering FoxNews to the left, such as hiring Ryan and Brazile and supporting other newscasters’ attacks against Trump.
This slant presumably affected the other outlets as well. It may be the reason for Rupert’s discomfort with the original arrangement, and why he pushed James out some time ago.
1st generation builds the business.
2nd generation maintains or builds up the business some more.
3rd generation sells the business and parties with the money.
Darah has nice headlights.
Jennifer Aniston must have copied her....
She was a Sports Illustrated model.
Here she is wearing leaves....
https://www.listal.com/viewimage/2603601h
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