Media mogul Rupert Murdoch lost in court trying to change the family trust to maintain his vision for Fox News and other properties. It’s the latest step in a real-life succession drama for the family that inspired the HBO series “Succession.”
Rupert Murdoch, 93, wanted to change the family trust to take power away from three of his four adult children. He wanted to ensure his eldest son, Lachlan Murdoch, would succeed him after he died.
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Murdoch’s family trust
Nearly two decades ago, Murdoch set up a trust to evenly split the power over his companies between the children.
In the years that followed, Murdoch increasingly prioritized making sure Fox News maintained its conservative viewpoint.
James Murdoch and Elisabeth Murdoch are known to share less conservative views.
Rupert Murdoch spent nearly his entire life building a media empire of newspapers and TV stations.
The 93-year-old’s move to change the family trust is one he argued is in the company’s financial interests.
“Succession” plays role in Murdoch case
A Nevada judge wrote that Murdoch’s children took action after seeing an episode of the show “Succession.”
In the episode, the billionaire media mogul character died unexpectedly. In the immediate aftermath, three of his adult children quickly had to plan their next steps.
The New York Times reported James, Elisabeth and Prudence Murdoch met to discuss the response to their father’s death.
The judge’s ruling isn’t the final word. The judge served as a commissioner, sending his recommended ruling to a district judge. That ruling remains open to appeal.
There are other routes Rupert and Lachlan Murdoch could take. The two could make a deal to buy the ownership stakes from Murdoch’s other children.
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