Story: Rupert Murdoch’s failed attempt to change family trusts to consolidate control of his media empire in the hands of his son.
The New York Times reported Monday, citing a sealed court filing.
The trust was established in Nevada, a state renowned for its strict confidentiality rules.
In a decision on Saturday, Nevada Commissioner Edmund Gorman found that Rupert Murdoch and his eldest son, Lachlan, were “involved in an effort to modify an irrevocable trust,” The Times reported. malicious” behavior.
Court records also show Gorman issued recommendations or orders, but that document has not been made public.
The trust will now divide the media empire equally between the 93-year-old Murdoch’s four eldest children upon his death.
Murdoch proposed changes to the bill to cement Lachlan’s leadership and prevent any interference from his three siblings, The Times reported.
Lachlan, the head of Fox News parent Fox Corp. and News Corp., is more politically conservative than his siblings.
Gorman reportedly called the plan to change the trust an “elaborate hoax” aimed at “permanently cementing Lachlan Murdoch’s executive role within the empire” and “regardless of the impact that control would have on the family trust’s companies” or the impact on the beneficiaries.”
A lawyer for Murdoch said they were disappointed with the ruling and planned to appeal, while Lachlan Murdoch did not respond to an email seeking comment, according to The Times.
Lachlan’s siblings, James, Elizabeth and Prudence, released a joint statement saying they wanted the family to focus on repairing their relationship.
The commissioner’s ruling is subject to approval by a district judge, whose decision may be challenged in court.
