Murdoch's bid to empower son Lachlan blocked by commissioner
According to The New York Times, Rupert Murdoch wanted to change the family trust to consolidate control of his media empire in the hands of his son Lachlan. However, the Nevada state commissioner rejected the billionaire's request.
Rupert Murdoch and his eldest son Lachlan acted "in bad faith" - assessed Commissioner Edmund Gorman. The 53-year-old Lachlan is the head of Fox News, Fox Corp, and News Corp, which publishes, among others, the British tabloid "The Sun".
Currently, the trust, which is a document concerning the transfer of assets, stipulates that the media empire of the 93-year-old Rupert Murdoch would be equally divided among his four children—Lachlan, James, Elisabeth, and Prudence—after his death.
The billionaire, however, wanted to amend the trust to bolster his eldest son Lachlan's position. According to the NYT, this change would prevent the other three siblings from interfering with Lachlan's decisions, as he is more politically active and holds conservative views.
Battle for influence
Reuters highlights that according to Commissioner Gorman, Rupert Murdoch's plan was a "carefully crafted farce" designed to "permanently ground Lachlan Murdoch's leadership roles" in the empire, "regardless of the impact such control would have on the companies or beneficiaries" of the family trust.
The commissioner's decision still requires court approval, but the billionaire's lawyer has already announced plans to appeal.
Rupert Murdoch's wealth is estimated at £9.8 billion. He owns Fox television, the newspaper Wall Street Journal, and the tabloid New York Post.
