Heirs of Murdoch reach consensus over succession plan for media empire

In a significant development, the Murdoch family's media empire is undergoing a transformation following a series of changes in the family trust. According to reports by The New York Times, the Nevada court recently found that Rupert Murdoch and his eldest child, Lachlan, acted in bad faith in trying to rewrite the rules of the trust.

The court's ruling has led to a rearrangement of the trust, with Rupert Murdoch's children Prudence MacLeod, Elisabeth, and James giving up their stakes in News Corporation and Fox Corporation. This move comes amidst concerns that after Rupert Murdoch's death, Fox News might drift from its right-wing roots to reflect the more centrist views of James and Elisabeth.

The original trust arrangement provided equal voting rights for all four descendants (Prudence, Lachlan, James, and Elisabeth). However, in recent years, after Rupert Murdoch's heirs, the shares of News Corporation and Fox Corporation have primarily been acquired and controlled by Murdoch's children Lachlan, Grace, and Chloe Murdoch through a new family trust, with Lachlan Murdoch effectively leading and holding majority control over the media empire.

This new arrangement will see Lachlan Murdoch, the eldest child, continue to benefit from the family trust, contrary to the transaction. Grace and Chloe Murdoch, other children of Rupert Murdoch, also continue to benefit from the family trust, despite the changes.

It is important to note that Fox Corporation owns Fox News, while News Corporation owns the Wall Street Journal, New York Post in the US, The Sun in the UK, and The Australian.

James, one of the children, left News Corp in 2020. Interestingly, James has officially supported the Democrat Kamala Harris, Trump's Republican rival in the 2024 presidential elections.

The transaction is being facilitated with money, but the exact details of the financial aspect have not been disclosed. The court's findings were reported by The New York Times, citing a copy of the judicial document.

The court's ruling in December came after an American court previously ruled against Rupert Murdoch's attempt to make Lachlan the sole decision-maker after his death. This decision marks a significant shift in the power dynamics within the Murdoch family and their media empire.

As the situation unfolds, it will be interesting to see how these changes affect the future of Fox News and the other media properties under the Murdoch family's control.