Media tycoon Rupert Murdoch has lost a bid to change his family trust to consolidate control of his media empire

Media tycoon Rupert Murdoch has failed to give control of his media company to his eldest son Lachlan Murdoch. The control of the company will remain with his three children. This has been revealed by American media reports. Now Rupert's lawyer says that there is a plan to appeal against this decision. 

Nevada Commissioner Edmund Gorman says that Rupert and Lachlan tried to change the terms of the trust dividing control of the company among the four children in bad faith. Currently, all four of Rupert Murdoch's children - James, Elizabeth, Prudence and Lachlan - have equal voting rights on Fox News and News Corp. 

The Nevada commissioner alleges that Fox News and News Corp owner Rupert Murdoch created a sham to make Lachlan Murdoch's executive roles permanent but paid no attention to the impact it would have on the entire empire. Cash's decision has been welcomed by Rupert Murdoch's other three children - James, Elizabeth and Prudence - and they said they can move on from this litigation and focus on strengthening and rebuilding relationships among all family members.

According to media reports, Rupert and his eldest son Lachlan are politically of the same ideology. The other three children are less conservative and the youngest son James has publicly called the American media a spreader of lies that incites deadly and uncontrolled forces. 

James Murdoch resigned from his position as a senior executive at News Corp in 2020. That same year, he and his wife donated $600,000 to Joe Biden's presidential campaign. Lachlan will become chairman of News Corp in 2023. His political leanings are similar to Rupert Murdoch's and according to media reports, he personally got involved in the media empire's rise in ratings and sales after the rise of Donald Trump in 2015.

Rupert Murdoch has lost a bid to change his family trust to consolidate control of his media empire in the hands of his son Lachlan, the New York Times reported https://t.co/UXCw73hqtt pic.twitter.com/tdjRoB52t3

— Reuters Asia (@ReutersAsia) December 10, 2024

Rupert Murdoch has been the co-chairman of Fox Corporation and the executive chairman of News Corporation. News Corporation is the parent company of The Wall Street Journal, Harper Collins, and The New York Post. The Murdoch family controls Fox Corporation. The Murdoch family trust holds 39.6% ownership shares in this company, and Murdoch himself holds about 40% ownership shares.

Murdoch owns a net worth of US$22.5 billion. Murdoch is the 41st richest person in the United States according to Forbes magazine. He has acquired stakes in a variety of communications ventures. These include radio and television stations, video, film and record companies, and book publishing.

Rupert Murdoch married Russian-born Elena Zhukova at the age of 93. Before this, he has been married four times. Rupert Murdoch was born on 11 March 1931 in Melbourne, Victoria. The media tycoon's last divorce took place in the year 2022, when he divorced actress and model Jerry Hall. He is the father of six children.