LOS ANGELES, Sept 16 (Reuters) - A battle over control
of Rupert Murdoch's global television and publishing empire
begins Monday in a Reno, Nevada courtroom, where a judge will
consider 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 ( 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 will take place in probate court, where the proceedings
are closed to the public.
A Nevada judge on Thursday rejected an appeal by Reuters and
other news organizations to open the hearings to the public.
The news organizations 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 ( 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 )
The Murdoch family members arrived in Reno on Monday morning
for the hearing. James, Elisabeth and Prudence arrived first,
and Rupert and Lachlan came later. The hearing was set to begin
at 9 a.m.
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.
Lachlan Murdoch is viewed as ideologically aligned with his
conservative father. James Murdoch, who has donated to
progressive political groups, resigned in 2020 from the News
Corp ( NWSA ) board, citing disagreements over editorial content.