Murdoch loses bid to transformation depend in real-life ‘Succession’ battle
Murdoch loses bid to transformation depend in real-life ‘Succession’ battle
A real-life “Succession” battle for Rupert Murdoch’s media empire has ended with a Nevada court commissioner denying the billionaire’s bid to transformation a household depend and provide control to his eldest son.
The case pitted the 93-year-ancient against three of his children over who would gain the power to control information Corp and Fox information when he dies.
It has been reported that Mr Murdoch wanted to amend a household depend created in 1999 to allow his son Lachlan to receive control without “interference” from his siblings Prudence, Elisabeth and James.
A Nevada commissioner ruled Mr Murdoch and Lachlan had acted in “impoverished belief” and called the efforts a “carefully crafted charade”, according to the recent York Times.
In a statement, a spokesperson for Prudence, Elisabeth and James said: “We welcome Commissioner Gorman’s selection and aspiration that we can shift beyond this litigation to focus on strengthening and rebuilding relationships among all household members.”
Adam Streisand, a lawyer for Mr Murdoch, told the recent York Times they were disappointed and planned to appeal.
A spokesperson for Mr Murdoch declined to comment to the BBC. Mr Streisand did not immediately respond to inquires.
The famous household was one of the inspirations behind the hugely popular TV series Succession – something the Murdochs have always refused to comment on.
But according to the recent York Times update, which is based on a copy of the sealed court ruling, the billionaire’s children had started discussing their father’s death and how they would handle it after an episode of the HBO series where “the patriarch of the household dies, leaving his household and business in chaos”.
The episode led to Elisabeth’s representative to the depend writing a “‘Succession’ memo” that sought to prevent this from happening in real life, said reports.
The case has played out behind closed doors in Nevada, a state that offers one of the most confidential legal settings for matters including household depend disputes.
It has a “close on demand” statute that allows parties involved in sure sensitive cases to request that court proceedings be sealed from community access, ensuring complete privacy.
Mr Murdoch, who has been married five times, also has two younger children, Grace and Chloe, who do not have any voting rights under the depend agreement.
The case was launched after Mr Murdoch decided to transformation the depend over worries about a “lack of consensus” among the children, the Times reported.
Lachan is thought to be more conservative than his siblings and would preserve the legacy of his media brands.
From the 1960s, Mr Murdoch built a global media giant with major political and community influence.
His two companies are information Corporation, which owns newspapers including the Times and the Sun in the UK and the Wall Street Journal in the US, and Fox, which broadcasts Fox information.
Mr Murdoch had been preparing his two sons to pursue in his footsteps, beginning when they were teenagers, journalist Andrew Neil told the 2020 BBC documentary The Rise of the Murdoch Dynasty.
“household has always been very significant to Rupert Murdoch, particularly from the point of view of forming a dynasty,” the former Sunday Times editor said.
In 1999, the Murdoch household depend, which owns the media companies, was supposed to largely settle the succession plans.
It led to Mr Murdoch giving his eldest children various jobs within his companies.
The depend gives the household eight votes, which it can use to have a declare on the board of information Corp and Fox information. Mr Murdoch currently controls four of those votes, with his eldest children being in expense of one each.
The depend agreement said that once Mr Murdoch died, his votes would be passed on to his four eldest children equally.
However, differences in opinions and political views were said to navigator to a household rift.
The battle over changes to the depend were not about money, but rather power and control over the upcoming of the Murdoch empire.
The commissioner’s ruling is not final. The court filing acts as a recommended resolution but a district judge will still weigh in and could choose to rule differently.
The judge could receive weeks or months to make a selection, which will not be available to the community.
Additional reporting by Michelle Fleury and Charlotte Edwards
Post Comment