• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

Rupert Murdoch fails in bid to change family trust, New York Times reports

by December 10, 2024
written by December 10, 2024

By Dawn Chmielewski

(Reuters) -Rupert Murdoch has lost a bid to change his family trust to consolidate control of his media empire in the hands of his son Lachlan, the New York Times (NYSE:NYT) reported on Monday, citing a sealed court document.

Nevada commissioner Edmund Gorman concluded in a decision filed on Saturday that Rupert Murdoch and his eldest son, Lachlan, who is the head of Fox News parent Fox Corp (NASDAQ:FOXA) and News Corp, had acted in “bad faith” in their effort to amend the irrevocable trust, the Times reported.

The court docket indicates Gorman issued a recommendation or order Saturday, but the document is not publicly available.

The trust currently would divide control of the company equally among Rupert Murdoch’s four oldest children – Lachlan, James, Elisabeth and Prudence – after his death.

Rupert Murdoch proposed amending the family trust to solidify Lachlan’s leadership of the family’s media empire after the his death, and block any interference by three of Lachlan’s siblings, who are politically moderate, the Times reported.

Under one scenario, three of the heirs could technically out-vote a fourth, setting up a battle over the future of the powerful media outlets, even as Lachlan Murdoch runs Fox and is sole chair of News Corp. (NASDAQ:NWSA)

In his opinion, Gorman said the plan to change the trust was a “carefully crafted charade” to “permanently cement Lachlan Murdoch’s executive roles” inside the empire “regardless of the impacts such control would have over the companies or the beneficiaries” of the family trust, the Times said.

A lawyer for Rupert Murdoch, Adam Streisand, said they were disappointed with the ruling and intended to appeal, the Times reported. The commissioner’s ruling is subject to approval by a district judge, whose decision could be challenged in court.

The trust was set up in Nevada, which is prized for its strict confidentiality rules.

A spokesman for Rupert Murdoch, 93, could not immediately be reached for comment. Lachlan Murdoch did not respond to an email seeking comment.

Lachlan’s siblings James, Elisabeth and Prudence issued a joint statement expressing hope that the family would focus on mending relationships.

“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 siblings said.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
UK’s Ashtead proposes move to US listing; warns on profit
next post
French Socialists repeat call for left-wing PM as Macron seeks coalition talks

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Lawyer group urges overhaul of US bank charter...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks

      June 26, 2025
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

      June 26, 2025
    • Bumble shares jump 26% as dating company plans to axe 30% of workforce

      June 26, 2025
    • Small-business AI use is lagging, but one firm is channeling Sherlock Holmes and knocking out ‘grunt work’

      June 25, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (534)
    • Stock (6,426)

    Latest News

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

    Popular News

    • SNB to cut rates 25 bps on Dec. 12, to reach zero or close next year
    • USDCHF and USDJPY: USDJPY is retesting the EMA 200

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy