Rupert Murdoch fails to change family trust

By AdNews | 10 December 2024
 
Credit: Kai Pilger via Unsplash

Rupert Murdoch's attempt to change a family trust to give control to his son Lachlan has reportedly been rebuffed.

Murdoch wants to change a trust which gives four of his children control of the shareholding in News Corp so that his eldest son, Lachlan, takes the reins when he dies.

The other three -- James, Elisabeth and Prudence -- opposed the move. 

The New York Times, citing a sealed 96-page court document, reported that a Nevada commissioner ruled against changing the trust.

The commissioner, Edmund J. Gorman Jr, said News Corp had acted in "bad faith".

The plan to change the trust was a "carefully crafted charade" which would "permanently cement Lachlan Murdoch's executive roles" inside the media group "regardless of the impacts such control would have over the companies or the beneficiaries" of the family trust.

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