What's the Deal with Rupert Murdoch and the Future of Fox News?

By Dustin Rowles | TV | August 2, 2024 |

By Dustin Rowles | TV | August 2, 2024 |

For those who have not been following the New York Times reporting, here’s the quick lowdown:

Rupert Murdoch, who owns Fox News and several other conservative outlets (like the NYPost), is 93 years old. He established an irrevocable trust that divides shares of his company equally between his four oldest children, Lachlan, James, Elisabeth, and Prudence. The trust currently holds the family’s shares in two main companies: Fox (which includes Fox News and the Fox broadcast network) and News Corp (which holds major newspapers).

James used to run Fox News/News Corp. because Lachlan was a screw-up. However, after the hacking scandal in 2012, Lachlan — the more conservative son — came in to help out and eventually took over, forcing James out. James is politically moderate — he was close with the Clintons and donated $600,000 to Biden’s 2020 campaign. Lachlan is conservative but, more importantly, mostly interested in giving Fox News viewers what they want, which are opinions that reinforce their own.

While Lachlan currently runs Fox News, the other three siblings have formed a potential alliance together. When Rupert Murdoch dies, control of the company will be determined by a simple vote. Rupert Murdoch is concerned that the alliance of three will vote James in as the CEO of News Corp and kick Lachlan to the curb. James understands that Fox News is a conservative network, but he’s potentially more interested in increasing the network’s brand globally, which will mean laying off some of the more unhinged, conspiracy-minded parts of the company.

Seeing the possibility that James may be voted in as CEO over Lachlan, Rupert is now in a secret battle in probate court in Nevada to prevent Lachlan from being pushed out. He made this surprise move to change the trust terms in late 2023, calling it “Project Harmony,” though it has had the opposite effect on family relations.

While it is an irrevocable trust, a Nevada probate commissioner recently ruled that Rupert could amend it “if he is able to show he is acting in good faith and for the sole benefit of his heirs.” Three of those heirs will argue against him. The three opposing siblings share legal counsel. Rupert’s effort is being led by former U.S. Attorney General William Barr.

It’s unclear exactly what criteria the probate commissioner will use to determine how an amendment might benefit the heirs. However, that — and the future of Fox News — will be decided in a trial expected to start in September 2024.

Source: The Daily