The future of Fox News grew murkier over the weekend when a Nevada commissioner blocked Rupert Murdoch’s effort to adjust his succession plan.
The ruling, if ratified by a district court judge, will prevent Murdoch from amending a family trust to give his eldest son, Lachlan Murdoch, clear control over Fox News’ editorial vision and the power to preserve the network’s right-wing perspective, according to The New York Times, which obtained a sealed court document.
As it stands, Lachlan and Murdoch’s second, third and fourth children — James, Elisabeth and Prudence — will all inherit an equal portion of Murdoch’s voting shares, as well as a financial stake in the Murdoch media empire.
“Under the trust, (Rupert Murdoch) retains control over the business until his death, at which point his voting shares will be distributed equally among his four oldest children,” The New York Times reported.
The 93-year-old patriarch has been working to adjust the part of the trust dealing with voting power, not the financial stakes, the article said.
Rupert Murdoch’s children
The legal battle over the Murdoch family trust pits Rupert and Lachlan against James, Elisabeth and Prudence.
Rupert and Lachlan Murdoch are pushing for the changes to future voting power, and their lawyer told The New York Times that they plan to appeal this weekend’s decision.
They argue that the proposed changes will benefit the whole family by keeping Fox News and other companies strong.
James, Elisabeth and Prudence, on the other hand, are fighting against their father’s effort to give Lachlan more power to steer Fox News and other Murdoch media properties.
But they said in their own statement that they hope this weekend’s ruling will allow the family to move forward together.
“We welcome Commissioner Gorman’s decision and hope that we can move beyond this litigation to focus on strengthening and rebuilding relationships among all family members,” their statement said.
Murdoch’s two youngest children, Grace and Chloe, are not affected by the current legal battle because they will not inherit voting power, The New York Times reported.
Who controls Fox News?
The Nevada commissioner does not have the final say on Rupert Murdoch’s succession plan.
His decision from over the weekend has to be ratified — or rejected — by another judge.
And even if that new judge signs off, “the losing party is free to challenge the determination, which could precipitate an intensive new round of litigation,” The New York Times reported.
The ultimate outcome of the legal battle will affect not just the future of Fox News, but also the rest of Murdoch’s media empire, which includes The Sun and The Times in the United Kingdom, per Yahoo Business.