Media mogul Rupert Murdoch's desired plan for succession would have left oldest son Lachlan in control of Fox News and News Corp.
But a recent court ruling and family in-fighting will likely leave his news empire in control of his left-leaning children who have vowed to radically change the network, according to press reports out last week.
Last year a Nevada court ruled the 93-year-old billionaire could not change his family trust after Murdoch sought to give his elder son, Lachlan, 52, control over his public companies. Lachlan is a Republican who is said to hold his father's conservative views.
After the Nevada ruling, all four of Murdoch's adult children will retain equal voting power over their father's empire after he dies.
The decision will likely mean Fox News, long considered a conservative voice among U.S. media, ultimately embraces a more moderate or liberal voice.
Last week The New York Times reported on the tumultuous family legal case still underway.
The Times reported the elder Murdoch was motivated to change the family trust fearing this his children James, Prudence, and Elisabeth all had expressed concerns about the editorial positions of the family's news outlets.
The Murdoch offsprings' rebellion against the father's wishes appears to be led by James Murdoch.
James was one of 88 corporate leaders who signed an open letter in September endorsing the Democrat presidential nominee, Vice President Kamala Harris. During the 2020 election, James and his wife spent a reported $20 million to defeat Donald Trump in his reelection bid.
Last September, a secret trial brought Rupert Murdoch and his four oldest children to a courtroom in Reno, Nevada, where the trust was incorporated.
Nevada Commissioner Edmund J. Gorman Jr. ruled Rupert and Lachlan had acted in "bad faith" in their effort to amend the irrevocable trust, the Times reported. The patriarch is appealing the ruling, but an overturn is unlikely.
Gorman's decision means Lachlan, currently the head of Fox News and News Corp., would be outnumbered by his brother and sisters if James wants to change Fox News' slant.
More at the link. WSJ is already anti-Trump; FoxNews is wishy-washy except for some individual pundits; NY Post is the most reliably conservative NewsCorp publication.
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Posts: 18794 | Location: One hop from Paradise | Registered: July 27, 2004
Originally posted by old rugged cross: I gave up on faux years ago. Astounds me how many here still refer to them.
Same here. Haven't watched them in several years since I went to Newsmax. It has it's faults as well (I can't stand Greta Van Susteren and Greg Kelly), but overall it is much better than FNC.
________________________________________________________ "Great danger lies in the notion that we can reason with evil." Doug Patton.
Posts: 21179 | Location: Montana | Registered: November 01, 2010
Originally posted by architect: ...why does he need a court order to change the terms of his own damn trust? It's his money after all, not the courts.
Apparently he cannot, and obviously, you and I are simpleminded and do not understand the fine prints. Or even the large prints.
Or, maybe the reason is that the trust he created is irrevocable, as noted in the article. According to online AI, An irrevocable trust is a trust that the creator, known as the grantor, cannot change or revoke after its creation. So, Rupert is stuck.
Q
Posts: 28734 | Location: TEXAS | Registered: September 04, 2008
Originally posted by 12131: Or, maybe the reason is that the trust he created is irrevocable, as noted in the article. According to online AI, An irrevocable trust is a trust that the creator, known as the grantor, cannot change or revoke after its creation. So, Rupert is stuck.
Ding, Ding, Ding! A Family revocable trust is a common estate planning tool to avoid probate. The grantor can change or amend the trust right up to the point where he or she dies or becomes incompetent. An irrevocable trust is a different animal. Once the gift is made, it’s gone and subject to the trust as written.
Posts: 7378 | Location: Lost, but making time. | Registered: February 23, 2011
Fox is just the other side of the same coin. I’m fine with them coming out of the closet so that people finally get that they are not the voice of conservatism. ALL of the MSM are beyond trust at this point.
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