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Judge concludes hearing to determine fate of Murdoch media empire
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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.

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