Sept 23 (Reuters) - A hearing to determine control of
Rupert Murdoch's global television and publishing empire
concluded Monday in a Reno, Nevada, courtroom, though the
outcome remained unclear.
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 ( NWSA )
. 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 took place over the past week in probate court, where the
proceedings were closed to the public.
A Nevada judge rejected an appeal by Reuters and other news
organizations to open the hearings to the public.
The group appealed the ruling to the Nevada Supreme Court,
and sought to halt the proceeding until the issues could be
resolved. One of the family members, identified as Doe 9,
countered that stopping the hearings midstream would be harmful
to the dozens of people who upended their lives to come to Reno
to participative.
The news organizations also asked the court to unseal all
the documents in the case.
The state supreme court allowed the hearing to proceed, but
on Friday issued an order giving the Murdoch family 28 days to
address the news organizations' arguments that the court
documents should be unsealed, with sensitive information
redacted.
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 ( NWSA ) and Fox, with roughly a 40% stake in voting shares of each
company.
Upon Rupert Murdoch's death, News Corp ( NWSA ) and Fox voting shares
will be transferred to his four oldest children - Prudence,
Elisabeth, Lachlan and James. Potentially, three of the heirs
could out-vote a fourth, setting up a battle over the future of
the companies, even as Lachlan Murdoch runs Fox and is sole
chair of News Corp. ( NWSA )
Rupert Murdoch's proposed amendment would block any
interference by three of Lachlan's siblings, who are more
politically moderate, the Times reported, citing a sealed court
document.