Murdoch family locked in secretive legal battle over media empire

Published: Jul 24, 2024 Duration: 00:03:16 Category: News & Politics

Tags : news family p_cmsid=2494279 GMA media abc legal empire fox battle succession murdoch rupert lachlan p_vid=news-112261392

Trending searches: rupert murdoch children

>> George: REAL LIFE SUCCESSION. RUPERT MURDOCH IS FACING OFF WITH FEW OF HIS CHILDREN. SEEMS LIKE HIPRIPPED RIGHT FROME TV SHOW. >> DRAMATIC BEHIND THE SCENES BATTLE BETWEEN RUPERT MURDOCH AND THREE OF HIS CHILDREN. AT STAKE, VETO POWER OVER ONE OF THE MOST INFLUENTIAL MEDIA COMPANIES IN THE WORLD. THIS MORNING THE FAMILY BELIEVED TO BE THE INSPIRATION BEHIND THE HIT SHOW "SUCCESSION." >> EVERYTHING I HAVE DONE IN MY LIFE I HAVE DONE FOR MY CHILDREN. >> Reporter: WHERE FOUR SIBLINGS BATTLE IT OUT FOR CONTROL OF THEIR FATHER'S COMPANY, APPARENTLY LOCKED IN A SIMILAR BATTLE PLAYING OUT IN REAL LIFE. ACCORDING TO "THE NEW YORK TIMES" 93-YEAR-OLD RUPERT MURDOCH ALLEGEDLY SURPRISED THREE OF HIS CHILDREN BY FILING TO CHANGE AN IRREVOCABLE TRUST TO ENSURE HIS ELDEST SON HAS SOLE POWER OVER THE BUSINESS WHEN HE DIES. >> I'M THE ELDEST BOY! >> Reporter: THE GOAL, KEEPING NEWS CORP'S CONSERVATIVE LEANINGS INTACT. THE TRUST DESIGNED 25 YEARS AGO HAD PREVIOUSLY PUT THE CONGLOMERATE IN THE HANDS OF ALL OF HIS FOUR ELDEST CHILDREN. MURDOCH EXPLAINING THIS IN A 2006 VIDEO. >> IF I GO UNDER A BUS TOMORROW, IT WILL BE THE FOUR OF THEM WILL HAVE TO DECIDE WHICH ONE SHOULD LEAD THEM. >> Reporter: BUT "THE NEW YORK TIMES" REPORTING THE FAMILY FRACTURED AFTER MURDOCH AND LOCK LYNN PUSHED FOX NEWS FURTHER TO THE RIGHT WHEN DONALD TRUMP WAS IN OFFICE. NOW THE MOGUL ARGUING IN COURT THAT THE ONLY WAY TO PRESERVE THE EMPIRE AND PROTECT ITS VALUE IS BY GIVING LOCHLIN VETO POWER SO HE CAN'T BE CHALLENGED. IT WOULD NOT AFFECT ANYONE'S OWNERSHIP STAKE IN THE COMPANY. JAMES, E LIZLIZABETH AND PRUDEN SWINGING BACK HIRING ATTORNEYS TO CHALLENGE THEIR FATHER'S MOVE IN COURT. >> THE CHANGE MURDOCH IS LOOKING TO DO WOULD ALLOW ONE SPECIFIC CHILD TO MAKE ALL THE DECISIONS. THAT'S WHY THE OTHER THREE ARE SAYING THIS VIOLATES THE SPIRIT OF THE ORIGINAL TRUST. >> Reporter: A NEVADA PROBATE COMMISSIONER FINDING MURDOCH CAN AMEND THE TRUST IF HE'S ABLE TO SHOW HE IS ACTING IN GOOD FAITH AND FOR THE BENEFIT OF ALL HIS HEIRS. NOW THE DECISION ABOUT WHO WILL RUN NEWS CORP WILL REST WITH A JUDGE. >> WHEN WE LOOK AT GOOD FAITH IN THIS CONTEXT, THERE IS NOT AN EXACT DEFINITION. IT'S SUPPOSED TO BE THAT IT'S GOOD FAITH, IT IS DONE TO BENEFIT ALL MEMBER, AND THAT'S HOW IT'S VIEWED. SO THERE'S A VERY BROAD DEFINITION OF THE THINGS THAT CAN FALL INTO THIS. >> AND AGAIN, MURDOCH DOESN'T APPEAR TO BE SEEKING TO CHANGE ANY OF HIS CHILDREN'S STAKE IN THE COMPANY, BUT HE WANTS TO CEMENT LOCHLIN AS THE ONE FIRMLY IN CHARGE. THE FAMILY TRUST DOES CONTAIN A PROVISION ALLOWING FOR CHANGES DONE IN GOOD FAITH AND FOR THE BENEFIT OF ALL MEMBERS. A TRIAL TO DETERMINE WHETHER MURDOCH HAS MET THAT OBLIGATION IS SET FOR SEPTEMBER. WIDESPREAD IMPLICATIONS FOR THIS MASSIVE MEDIA EMPIRE AND IT'S ALL HINGING ON GOOD FAITH. SO, WE'LL SEE WHAT HAPPENS.

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