Rupert Murdoch Fails in Legal Bid to Give Lachlan Control of Fox News Empire [Yahoo! Finance]
News Corporation - Class B (NWS)
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Source: Yahoo! Finance
Commissioner Edmund J. Gorman Jr. ruled that Murdoch and News Corp. had acted in “bad faith” in what is widely seen as an attempt to solidify a right-wing successor to Fox News. The irrevocable trust currently divides control of Murdoch's media company between his four eldest children — Lachlan, James, Elisabeth and Prudence — in the event of his death. Gorman called the attempt to alter the trust a “carefully crafted charade” to place his oldest son in control “regardless of the impacts such control would have over the companies or the beneficiaries” of the family trust. Adam Streisand, Murdoch's lawyer, plans to appeal the ruling. Murdoch initiated an attempt to change the family trust to better position Lachlan back in July. The elder Murdoch worried that the more moderate-leaning views of his three other children would not serve the conservative perspective advanced by Fox Corp. and News Corp. According to the New York Times then, Murdoch was “arguing in court that only
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