Rupert Murdoch’s Succession Drama Goes to Court

The Journal.

The Wall Street Journal

Daily News, Business News, News

4.2 • 5.3K Ratings

🗓️ 17 September 2024

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week, a trial got under way to determine whether Rupert Murdoch can change a trust holding the family’s assets for his children. Murdoch wants to ensure that when he dies control of the trust passes to his oldest son, Lachlan. Three of his other children, James, Elisabeth and Prudence, oppose the change because they would stand to lose voting power. Amol Sharma reports. Further Listening: - Media Giant Rupert Murdoch Is Stepping Down - Behind the Breakup of Fox and Tucker Carlson Further Reading: - The Family Rift Driving Rupert Murdoch to Redo His ‘Irrevocable’ Trust - Murdochs Face Off in a Reno Courthouse Over Family Trust Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Few succession dramas have been watched more closely than the one surrounding
0:09.7	Rupert Murdoch's media empire.
0:15.0	It was a long-running question. I mean, for the past 20 years or so, people have been wondering
0:19.0	who would succeed Rupert and each of his sons seemed like the heir apparent at various points.
0:26.0	That's our colleague Amol Sharma.
0:29.0	When Rupert retired from the boards of his companies last year,
0:32.0	Amol said it felt like the world finally had an answer.
0:35.8	What's really at stake here is succession.
0:40.2	So it was a really big moment.
0:41.6	He was stepping back, and it was symbolically was sort of transitioning power to his oldest son, Lachlan.
0:48.5	Breaking news this morning, a new line of succession at Fox News.
0:52.8	Lockland Murdoch will become News Corp's sole chairman
0:56.4	and continue as Fox's chair and CEO.
0:59.8	This is a historic day.
1:01.1	I mean, what a time of transition for this news network.
1:03.6	Lachlan was the chosen son. He was now the head of the multi-billion dollar
1:09.2	family business which includes Fox News, Fox Sports, and News Corp, the parent company of the Wall Street Journal.
1:18.0	And did it seem at that moment like it was over, like the decision had been made. It's Lachlan.
1:23.8	I think on its face you looked at it and said wow clearly
1:27.5	Lachlan is his favored leader but people who follow this stuff closely and have paid attention to the companies
1:34.7	know that the real power in the Murdoch Empire is in this family trust.
1:41.6	The Murdoch Family Trust controls about 40% of the voting shares for both Fox and News Corp.
	...

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