LOS ANGELES: A battle over control of Rupert Murdoch’s global television and publishing empire began on Monday in a Reno, Nevada, courtroom, where a judge considered the contentious matter of succession.
Murdoch, 93, is attempting to change the terms of the family’s trust — which holds significant stakes in Fox News parent Fox and Wall Street Journal owner News Corp. The billionaire is looking to ensure that, upon his death, the media companies remain under control of his eldest son, Lachlan Murdoch, according to the New York Times, which obtained a sealed court document detailing the succession drama.
A hearing to determine whether Murdoch is acting in good faith will take place in probate court, where the proceedings are closed to the public.
A Nevada judge on Thursday rejected an appeal by news organisations to open the hearings to the public. The news organisations had said the fate of such culturally and politically influential media outlets was a matter of public interest, but the judge cited the need to prevent disclosure of confidential personal and financial information. Most documents also remain under seal.
The Murdoch trust was formed around the time of Rupert Murdoch’s divorce from his second wife, Anna, in 1999. The trust is the vehicle through which the elder Murdoch controls News Corp and Fox, with roughly a 40 per cent stake in voting shares of each company.
Published in Dawn, September 17th, 2024
