Rupert Murdoch’s real succession drama − why the future of his media empire could hinge on a legal effort in Nevada
Conservative media titan Rupert Murdoch is making news again – this time, with a secretive effort to change an irrevocable trust. That trust has important ownership interests in both Fox Corp. and News Corp., so it affects broadcast news as well as The Wall Street Journal and other publications. Under the current terms of the trust, upon Murdoch’s death, his four oldest children – Lachlan, James, Elisabeth and Prudence – will have “an equal voice” in determining the future of the news empire. But as The New York Times recently reported, the 93-year-old Murdoch has been trying to alter the trust to ensure his oldest son, Lachlan, stays in charge of his media properties. The legal dispute played out behind closed doors for months, and it might have stayed there if the Times hadn’t obtained a sealed court document shedding light on the conflict. Murdoch is calling his efforts to change the terms Project Harmony, reportedly out of the belief that doing so would head off any intrafamily wrangling. The effort to change the trust is so secretive that a spokesperson for the Nevada probate court where the proceedings are occurring stated that all information related to the case is confidential, based on a court order.