financetom
Business
financetom
/
Business
/
Judge concludes hearing to determine fate of Murdoch media empire
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Judge concludes hearing to determine fate of Murdoch media empire
Oct 3, 2024 12:44 AM

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.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Pure Storage Stock Falls After Q2 Results: What's Going On?
Pure Storage Stock Falls After Q2 Results: What's Going On?
Aug 31, 2024
Pure Storage Inc. ( PSTG ) reported its second-quarter financial results after Wednesday's closing bell. Here's a look at the key figures from the report.   The Details: Pure Storage ( PSTG ) reported quarterly earnings of 44 cents per share, which beat the analyst consensus estimate of 37 cents by 18.92%. Quarterly revenue came in at $763.77 million, which beat...
Target Insider Sold Shares Worth $7,140,110, According to a Recent SEC Filing
Target Insider Sold Shares Worth $7,140,110, According to a Recent SEC Filing
Aug 31, 2024
04:27 PM EDT, 08/28/2024 (MT Newswires) -- Brian C Cornell, Director, Executive Officer, on August 27, 2024, sold 45,000 shares in Target ( TGT ) for $7,140,110. Following the Form 4 filing with the SEC, Cornell has control over a total of 379,752 shares of the company, with 75,447 shares held directly and 304,305 controlled indirectly. SEC Filing: https://www.sec.gov/Archives/edgar/data/27419/000002741924000148/xslF345X05/wk-form4_1724876601.xml Price:...
Update: Nvidia Fiscal Q2 Non-GAAP Earnings, Revenue Rise; $50 Billion Share Buyback Approved
Update: Nvidia Fiscal Q2 Non-GAAP Earnings, Revenue Rise; $50 Billion Share Buyback Approved
Aug 31, 2024
05:12 PM EDT, 08/28/2024 (MT Newswires) -- (Updates with share buyback approval in the headline and seventh paragraph.) Nvidia ( NVDA ) reported fiscal Q2 non-GAAP earnings late Wednesday of $0.68 per diluted share, up from $0.27 a year earlier. Analysts polled by Capital IQ expected $0.64. Revenue for the quarter ended July 28 was $30.04 billion, up from $13.51...
Goosehead Insurance Insider Sold Shares Worth $739,076, According to a Recent SEC Filing
Goosehead Insurance Insider Sold Shares Worth $739,076, According to a Recent SEC Filing
Aug 31, 2024
05:11 PM EDT, 08/28/2024 (MT Newswires) -- Mark Evan Jones, 10% Owner, Director, Executive Chairman, on August 26, 2024, sold 8,977 shares in Goosehead Insurance ( GSHD ) for $739,076. Following the Form 4 filing with the SEC, Jones has control over a total of 39,451 shares of the company, with 39,451 shares held directly. SEC Filing: https://www.sec.gov/Archives/edgar/data/1726978/000172697824000085/xslF345X05/wk-form4_1724879313.xml ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved