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Rupert Murdoch pictured with sons Lachlan (left) and James (right)
the eldest boy
Rupert Murdoch loses real-life 'Succession' bid to overhaul family trust for eldest son
The media mogul’s three adult children will retain control despite attempt to give his son Lachlan complete control.
RUPERT MURDOCH HAS failed in his attempt to give his eldest son control of his media empire, according to US reports.
The case pitted the 93-year-old against three of his children over who would gain the power to control News Corp and Fox News when he dies.
It has been reported that Murdoch wanted to amend a family trust created in 1999 to allow his son Lachlan to take control without “interference” from his siblings Prudence, Elisabeth and James.
A Nevada commissioner ruled Mr Murdoch and Lachlan had acted in “bad faith” and called the efforts a “carefully crafted charade”, according to the New York Times.
The conflict over the family trust is not thought to be centred around money, as Murdoch is not seeking to diminish any of his children’s financial inheritance.
Instead, the move would have changed the voting power of his less conservative children and is thought to have cemented a right-wing agenda across his media empire.
Lawyer Adam Streisand, acting on behalf of Murdoch, told the newspaper they planned to appeal the decision.
Prudence, Elisabeth and James, said in a statement given to the Times: “We welcome Commissioner Gorman’s decision and hope that we can move beyond this litigation to focus on strengthening and rebuilding relationships among all family members.”
The legal case reportedly began when the Murdoch children watched an episode of HBO drama Succession, which sees the patriarch, played by Scottish actor Brian Cox, leave family and business in chaos after his death.
The episode led Elisabeth’s representative to the trust to write a “‘Succession’ memo” to prevent a repeat in real life, according to the New York Times.
Murdoch established the family trust in 2006, which sees him retain control over the business until his death when voting shares will be distributed equally among his four oldest children.
The media titan also has two younger children, Grace and Chloe, who do not have any voting rights under the agreement but have an equal financial stake.
The case, based on a sealed court document obtained by the Times, has opened questions over the future of Mr Murdoch’s media organisation.
Representatives for Rupert Murdoch have been contacted for comment.
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