Rupert Murdoch's youngest daughters, Grace and Chloe, find themselves caught in the middle of their father's bitter succession battle. The dispute could have significant implications for the future of his media empire.
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| Rupert Murdoch's family is embroiled in a legal battle over the control of his media empire. The outcome could have significant implications for the future of News Corp and Fox. Symbolic image |
Canberra, Australia - September 15, 2024:
As Rupert Murdoch prepares to battle his own children in court over the future of his media empire, his youngest daughters, Grace and Chloe, find themselves caught in the crossfire. While they may not have a direct say in the control of the businesses, their involvement could play a crucial role in the outcome of the succession drama.
The dispute centers on Murdoch's attempt to amend the terms of an irrevocable trust that grants his four children equal control over his businesses after his death. Murdoch aims to place the future of News Corp and Fox solely in the hands of his eldest son, Lachlan, whose political views align closely with his own.
However, Murdoch's other children, Prudence, Elizabeth, and James, have more moderate political leanings and hold the numbers to influence the direction of outlets like Fox News after their father's departure.
The family feud has captivated the media industry, and the court's decision to deny access to the private hearings has only intensified public interest. The irony of a tabloid mogul seeking secrecy in a family matter has not gone unnoticed.
While Grace and Chloe may not have voting rights under the trust, their involvement could be instrumental in Murdoch's efforts to persuade the court that changing the rules is in the best financial interests of all beneficiaries.
The Murdoch children have already received significant wealth from the sale of the Fox film studio to Disney. The current legal battle could mark the first time Grace and Chloe have become directly involved in the family's succession plans.
As the Murdoch empire faces uncertainty, shareholders are closely watching the developments. Starboard Value, a major shareholder in News Corp, has called for the abolition of the special class of shares that grant the trust control.
Analysts estimate that News Corp's assets could be worth significantly more than its current stock market valuation, making the company an attractive target for investors. However, Rupert Murdoch's loyal following among some investors presents a challenge for Starboard's campaign.
Regardless of the outcome of the legal battle and the shareholder activism, the Murdoch empire's future is likely to be less focused on news. The family's internal struggles and the changing media landscape will likely shape the direction of the company in the coming years.