Rupert Murdoch's trust gambit halted by Nevada authority
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. Fifty-three-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, assumes that the media empire of 93-year-old Rupert Murdoch would be equally divided among his four children—Lachlan, James, Elisabeth, and Prudence—after his death.
However, the billionaire wanted to change his position and strengthen that of his eldest son, Lachlan. According to the NYT, this way, the remaining three siblings would not be able to interfere with decisions made by Lachlan, who is more politically involved and holds conservative views.
Battle for influence
Reuters emphasizes that according to Commissioner Gorman, Rupert Murdoch's plan was a "carefully crafted farce" aimed at "permanently grounding 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 needs to be approved by the court, but the billionaire's lawyer has already announced that he will appeal.
Rupert Murdoch's wealth is estimated at $12 billion. He owns Fox television, the newspaper Wall Street Journal, and the tabloid New York Post.
