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2 months ago
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HBO’s Succession looks more and more like the House Of Murdoch, where Patriarch Rupert is fighting with three of his adult children over who will control the family media empire when he passes.
An irrevocable trust would hand control to four of them Lachlan, James, Elisabeth and Prudence. But he is trying to change that by ensuring that Lachlan, the current CEO of Fox, would remain in charge, according to a story in the New York Times. That’s created a rift with the other three who are trying to block him.
Murdoch has two other children who have an economic interest in the trust but no voting control.
The NYT said Murdoch is seeking the change to avoid infighting and risk his more liberal leaning offspring attempting to oust Lachlan from the helm of Fox and changing its editorial direction, which they could do with three votes to his one. He believes that would preserve the significant value that rests in Fox for all of his heirs.
According to a probate documents viewed by the Times, the process is underway. The trust is irrevocable but there’s a window to alter it if Murdoch is acting in good faith and seeking change for the benefit of all heirs — which his three children say is not the case.
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