Rupert Murdoch is embroiled in a legal battle with his children over his plans to hand over his global media empire to son Lachlan, a report says.
The power struggle between the 93-year-old tycoon’s four eldest children appeared settled when Lachlan emerged as the designated heir.
But Murdoch is now fighting to expand his eldest son’s voting power in the Murdoch Family Trust. The New York Times reported.
The 93-year-old tycoon is in a legal battle with three of his children to ensure his eldest son and chosen successor, Lachlan Murdoch, 52, remains in charge of his empire and keeps his conservative media outlets.
Murdoch reportedly wants to ensure that Lachlan cannot be challenged by his more politically moderate siblings when it comes to the editorial agenda of his outlets, including Fox News.
In court, Murdoch argues that having Lachlan run the company without interference from James, 51, Elisabeth, 55, and Prudence Murdoch, 66, will help preserve his conservative editorial stance.
Rupert Murdoch, 93, is locked in a legal battle with his four eldest children over the future of his media empire, according to a new report. Murdoch is pictured with his sons Lachlan Murdoch (L) and James Murdoch (R) in 2016
Murdoch’s decision to name Lachlan as his heir has reportedly alienated him from his three eldest children. His daughters Prudence and Elizabeth are pictured (left and right)
He says doing so actually benefits his liberal children because keeping their media on the right wing will help increase the profits that support them, supposedly.
Murdoch was concerned that a “lack of consensus” among his four sons “could affect the strategic direction of both companies, including a possible reorientation of editorial policy and content,” the report said.
The Times adds that it also wants to give Lachlan “permanent” and “exclusive” control of the company, citing the court decision.
The Nevada-based family trust owns the family’s stake in Murdoch’s vast collection of television networks and newspapers through the companies News Corp and Fox Corp.
Murdoch has named Lachlan as heir to the empire, replacing James, who was seen as a contender for control but, as a climate activist and liberal, does not share his father’s values as Lachlan does.
James, meanwhile, has been a vocal critic of Fox News’ embrace of Donald Trump and has a political stance that is at odds with his father’s. He left Fox News when Lachlan took over.
Lachlan is currently chairman of News Corp, whose publications include the Wall Street Journal and The Sun, and chairman and chief executive of Fox Corp.
The trust currently has eight votes: four controlled by Murdoch and the remaining four controlled by the four children from his first two marriages. When Murdoch dies, as things currently stand, the four eldest children will have equal say.
The latest legal dispute centres on Rupert Murdoch’s alleged attempts to tip the balance in Lachlan’s favour.
Murdoch’s youngest daughters, Chloe and Grace, from his third wife, Wendi Deng, do not have voting rights in the trust.
Murdoch maintains he is following a limited provision of the trust that allows changes made in good faith and intended to benefit all members.
James has been a vocal critic of Fox News’ embrace of Donald Trump and has a political stance that is at odds with his father’s. He left Fox News when Lachlan took over. Lachlan is currently chairman of News Corp, whose publications include the Wall Street Journal and the Sun, and chairman and chief executive of Fox Corp.
However, James, Elisabeth and Prudence are fighting Murdoch’s wishes in court, arguing that giving Lachlan more power violates the trust’s “equal governance provision.”
Murdoch, for his part, argues that he is following a limited provision of the trust that allows changes made in good faith and intended to benefit all members.
The case will be decided in a trial expected to begin in September.