Rupert Murdoch cannot hand control of his media empire to son Lachlan, commissioner rules [Los Angeles Times (CA)]
News Corporation - Class B (NWS)
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Source: Los Angeles Times
Murdoch, 93, had sought to change the terms of his irrevocable family trust to ensure his older son, Lachlan, would have sole control over his media companies News Corp. and Fox Corp. News Corp. owns influential publications such as the Wall Street Journal, the New York Post, Investor's Business Daily and Dow Jones. Fox Corp. is the parent company of Fox News and the Fox broadcast network. But a Nevada probate commissioner rejected the request to amend the trust that had been opposed by Murdoch's other children named in the trust — Prudence, James and Elisabeth. In the current version of the trust, the four eldest siblings, including Lachlan, were set to jointly inherit control of the businesses. That commissioner, Edmund J. Gorman Jr., said in a ruling over the weekend that the elder Murdoch and Lachlan Murdoch had acted in “bad faith” in their attempt to rewrite the trust, according to a sealed court filing obtained by the New York Times “The effort was an attempt to stack th
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