September 17th 2024.
In Nevada, a probate court is about to delve into a matter that could have immense consequences for the future of Rupert Murdoch's media empire once he passes away. At the age of 93, Murdoch appeared at the court today for the start of the hearing. This follows his move last year to revise the terms of his irrevocable family trust, with the intention of ensuring that his eldest son, Lachlan, maintains control over his array of newspapers and television networks, including renowned names like The Wall Street Journal and Fox News Channel.
Sources from The New York Times, who have seen a sealed court document, have reported on Murdoch's desire to secure Lachlan's position as the head of his media empire. The case will involve evidentiary hearings that are expected to continue until next Tuesday. The court has kept these hearings strictly behind closed doors, with most documents also being sealed. Numerous news organizations, including The Associated Press, have been denied access to the proceedings.
According to the initial terms of the trust, equal control over Rupert Murdoch's businesses would be given to his four oldest children upon his death. However, Murdoch stepped down from his leadership roles at both Fox News' parent company and his News Corp. media holdings last year. He now argues that making changes to the trust is crucial in preserving the commercial value of his businesses for all his heirs. His main concern is that Lachlan will be able to ensure that his newspapers and TV networks continue to maintain a conservative editorial outlook.
Lachlan took over from his father as the chairman of News Corp. in November and is currently the executive officer at Fox Corp., which is home to the famous conservative news network Fox News, as well as the Fox broadcast and sports networks, and several local TV stations. This media empire has a global reach and has played a significant role in shaping modern American politics.
The move to change the trust has sparked a battle between Rupert Murdoch and his other three children who are named as beneficiaries: James, Elisabeth, and Prudence. They have banded together to oppose their father's plans to revise the trust, as reported by The New York Times. Irrevocable trusts are typically used to minimize estate taxes, and they cannot be altered without the permission of the beneficiaries or a court order.
In June, Nevada Probate Commissioner Edmund J. Gorman of the Second Judicial District Court in Reno ruled that Rupert Murdoch could make changes to the trust, as long as he can prove that he is acting in good faith and solely for the benefit of his heirs. The Times report also mentions that Murdoch's main concern was the lack of consensus among his children, which could potentially impact the strategic direction and editorial policies of his companies.
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