financetom
Business
financetom
/
Business
/
Murdoch succession drama plays out in closed court in Reno, Nevada
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Murdoch succession drama plays out in closed court in Reno, Nevada
Sep 16, 2024 12:15 PM

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.

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 >
Market Chatter: Chevron Explores Purchase of Lukoil Assets
Market Chatter: Chevron Explores Purchase of Lukoil Assets
Nov 17, 2025
12:47 PM EST, 11/17/2025 (MT Newswires) -- Chevron ( CVX ) is exploring the purchase of some global assets from the sanctioned Russian oil company Lukoil, Reuters reported Monday, citing five sources familiar with the matter. The US last month sanctioned Russia's two largest oil companies, including Lukoil, as part of efforts to pressure Moscow into peace talks with Ukraine,...
Form 8.3
Form 8.3
Nov 17, 2025
LONDON--(BUSINESS WIRE)--   FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: Grandeur Peak Global Advisors, LLC (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of...
Market Chatter: Versant Said to Hire Lazard to Explore Sale of SportsEngine
Market Chatter: Versant Said to Hire Lazard to Explore Sale of SportsEngine
Nov 17, 2025
12:56 PM EST, 11/17/2025 (MT Newswires) -- Versant Media Group, which is being spun off from Comcast ( CMCSA ) , has enlisted Lazard to explore a sale of SportsEngine, Bloomberg reported Monday, citing people familiar with the matter. The youth-sports app could be valued at $400 million to $500 million, the people reportedly told Bloomberg. Versant and Lazard didn't...
Lincoln Property Company Acquires Capstone Development Partners to Enhance Higher Education Services Platform and Expand Capstone’s National Reach
Lincoln Property Company Acquires Capstone Development Partners to Enhance Higher Education Services Platform and Expand Capstone’s National Reach
Nov 17, 2025
DALLAS--(BUSINESS WIRE)-- Lincoln Property Company, a global, full-service real estate firm, today announced that it has acquired Capstone Development Partners, inclusive of Capstone Management Partners (together, “Capstone”), a leading student housing and university facilities development and management company. Through this new partnership, Capstone joins the Lincoln platform, strengthening Lincoln’s position in higher education infrastructure and enhancing its capabilities in the...
Copyright 2023-2026 - www.financetom.com All Rights Reserved