Al-Qasabi: Growing global adoption of digitization transforms trade into more efficient and reliable    89-day long winter season starts officially in Saudi Arabia on Saturday    20,159 illegal residents arrested in a week    Riyadh Season 5 draws record number of over 12 million visitors    GACA report: 928 complaints filed by passengers against airlines in November    Death toll in attack on Christmas market in Magdeburg rises to 5, with more than 200 injured Saudi Arabia had warned Germany about suspect's threatening social media posts, source says    Ukraine launches drone attacks deep into Russia, hitting Kazan in Tatarstan    Cyclone Chido leaves devastation in Mayotte as death toll rises and aid struggles to reach survivors    US halts $10 million bounty on HTS leader as Syria enters new chapter    UN Internet Governance Forum in Riyadh billed the largest ever in terms of attendance    ImpaQ 2024 concludes with a huge turnout    Salmaneyyah: Regaining national urban identity    Fury vs. Usyk: Anticipation builds ahead of Riyadh's boxing showdown    Saudi Arabia to compete in 2025 and 2027 CONCACAF Gold Cup tournaments    Marianne Jean-Baptiste on Oscars buzz for playing 'difficult' woman    Al Shabab announces departure of coach Vítor Pereira    My kids saw my pain on set, says Angelina Jolie    Saudi Arabia defeats Trinidad and Tobago 3-1 in friendly match    Legendary Indian tabla player Zakir Hussain dies at 73    Eminem sets Riyadh ablaze with unforgettable debut at MDLBEAST Soundstorm    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Murdoch loses bid to change trust in real-life 'Succession' battle
Published in The Saudi Gazette on 10 - 12 - 2024

A real-life "Succession" battle for Rupert Murdoch's media empire has ended with a Nevada court commissioner denying the billionaire's bid to change a family trust and give control to his eldest son.
The case pitted the 93-year-old against three of his children over who would gain the power to control News Corp and Fox News when he dies.
It has been reported that Murdoch wanted to amend a family trust created in 1999 to allow his son Lachlan to take control without "interference" from his siblings Prudence, Elisabeth and James.
A Nevada commissioner ruled Murdoch and Lachlan had acted in "bad faith" and called the efforts a "carefully crafted charade", according to the New York Times.
In a statement, a spokesperson for Prudence, Elisabeth and James said: "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."
Adam Streisand, a lawyer for Murdoch, told the New York Times they were disappointed and planned to appeal.
A spokesperson for Murdoch declined to comment to the BBC. Streisand did not immediately respond to inquiries.
The famous family was one of the inspirations behind the hugely popular TV series Succession - something the Murdochs have always refused to comment on.
But according to the New York Times report, which is based on a copy of the sealed court ruling, the billionaire's children had started discussing their father's death and how they would handle it after an episode of the HBO series where "the patriarch of the family dies, leaving his family and business in chaos".
The episode led to Elisabeth's representative to the trust writing a "'Succession' memo" that sought to prevent this from happening in real life, said reports.
The case has played out behind closed doors in Nevada, a state that offers one of the most confidential legal settings for matters including family trust disputes.
It has a "close on demand" statute that allows parties involved in certain sensitive cases to request that court proceedings be sealed from public access, ensuring complete privacy.
Murdoch, who has been married five times, also has two younger children, Grace and Chloe, who do not have any voting rights under the trust agreement.
The case was launched after Murdoch decided to change the trust over worries about a "lack of consensus" among the children, the Times reported.
Lachan is thought to be more conservative than his siblings and would preserve the legacy of his media brands.
From the 1960s, Murdoch built a global media giant with major political and public influence.
His two companies are News Corporation, which owns newspapers including the Times and the Sun in the UK and the Wall Street Journal in the US, and Fox, which broadcasts Fox News.
Murdoch had been preparing his two sons to follow in his footsteps, beginning when they were teenagers, journalist Andrew Neil told the 2020 BBC documentary The Rise of the Murdoch Dynasty.
"Family has always been very important to Rupert Murdoch, particularly from the point of view of forming a dynasty," the former Sunday Times editor said.
In 1999, the Murdoch Family Trust, which owns the media companies, was supposed to largely settle the succession plans.
It led to Murdoch giving his eldest children various jobs within his companies.
The trust gives the family eight votes, which it can use to have a say on the board of News Corp and Fox News. Murdoch currently controls four of those votes, with his eldest children being in charge of one each.
The trust agreement said that once Murdoch died, his votes would be passed on to his four eldest children equally.
However, differences in opinions and political views were said to lead to a family rift.
The battle over changes to the trust were not about money, but rather power and control over the future of the Murdoch empire.
The commissioner's ruling is not final. The court filing acts as a recommended resolution but a district judge will still weigh in and could choose to rule differently.
The judge could take weeks or months to make a decision, which will not be available to the public. — BBC


Clic here to read the story from its source.