‘Real life Succession’ as Rupert Murdoch enters ‘secret’ legal battle with children over media empire
Rupert Murdoch is reported as having requested to drastically alter the terms of his family trust, naming only one child as his chosen successor.
The business magnate is in control of some of the biggest media outlets across the globe as the owner of NewsCorp, but what will happen to the 93-year-old's network of publishing outlets and TV channels when he's no longer around?
Well, Murdoch has reportedly sought to update the terms of the family's trust and it's rocked the boat among his children, resulting in several of his offspring launching themselves into a legal battle with him.
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After gaining access into a sealed court document, The New York Times reports the Murdoch family trust currently states his four eldest children will receive control of the business when he dies.
However, last year, Murdoch reportedly outlined his intentions to have this changed, so that the family business solely goes to his eldest son, Lachlan.
Why? Well, Murdoch is allegedly arguing that Lachlan's political stance will upkeep the conservative tone of his empire, whereas his other children's political stances could change it, which he fears could ultimately reduce the commercial value of the empire.
Three of his children - James, Elisabeth and Prudence - have since challenged his plans to alter the trust.
And a Nevada probate commissioner has since weighed in on how likely it is Murdoch will be able to rewrite the trust.
In June, the commissioner's 48-page ruling resolved Murdoch is able to rewrite who the family business goes to if he can prove two things.
First, is that Murdoch is being open and honest with his children about why he wants to amend the trust.
And second, is that Murdoch's decision is being made for the single purpose of making sure his heirs benefit in the long-run.
In September later this year, a trial is reported as being set to take place to decide whether Murdoch's intention in altering the trust are good.
The three Murdoch siblings are reported as being represented by Gary A. Bornstein from Cravath, Swaine & Moore.
Murdoch is said to be being represented by Adam Streisand, a lawyer at Sheppard Mullin.
And while critically acclaimed HBO drama Succession was actually inspired by the Murdoch family, the ongoing legal battle proves it's actually now all 'playing out in real life as we speak,' a Twitter user noted.
UNILAD has contacted Rupert Murdoch's representatives for comment and attempted to contact Elisabeth, James and Prudence's representatives too.
Poppy Bilderbeck