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A Nevada commissioner has ruled against Rupert Murdoch’s attempt to change his family trust to consolidate control of his media empire in the hands of his son Lachlan, the New York Times reported, citing a sealed court document.
Nevada Commissioner Edmund Gorman concluded in a ruling filed Saturday that Rupert Murdoch and Lachlan, who heads Fox News parent Fox Corp and News Corp, acted “in bad faith” in their efforts to change the irrevocable trust, the Times reported.
Court records show he issued the recommendation or order Saturday under seal.
The trust will currently divide control of the company equally between Rupert Murdoch’s four eldest children – Lachlan, James, Elizabeth and Prudence – after his death.
Potentially three of the heirs could outvote a fourth, setting up a battle for the future of the companies, even though Lachlan Murdoch runs Fox and is News Corp’s sole chairman.
A spokesman for Rupert Murdoch, 93, could not immediately be reached for comment.
Rupert Murdoch’s proposed amendment would have blocked any interference by three of Lachlan’s more politically moderate siblings.
In his view, Gorman said the plan to change the trust was a “carefully crafted charade” to “permanently cement Lachlan Murdoch’s executive roles” in the empire “regardless of the impact such control would have on the companies or beneficiaries” of the family trust. says the Times.
Rupert Murdoch’s lawyer, Adam Streisand, said they were disappointed by the decision and intended to appeal, the Times reported.
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