September 17, 2024

Money

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NPR - Media magnate Rupert Murdoch is facing off against his kids in a Reno, Nev. court to determine the fate of his vast holdings, especially Fox News. The 93-year-old wants to alter the irrevocable trust set up to grant his four eldest children equal say in his media empire after his death in order to give full control to his eldest son Lachlan, who is currently running their companies. 

Murdoch is making the argument that Lachlan has helped him run the company the last five or six years, NPR’s David Folkenflik says. He also says changing the trust will allow for clarity to avoid litigation and create a corporate structure that benefits everyone once he dies. Murdoch believes his other children could hurt Fox News' performance by pulling away from the right-wing programs popular with its core audiences. The trio of siblings argue that short-term gains for aging audiences are hurting the professionalism of the company to its core. This comes after a defamation lawsuit against Fox News over amplifying and embracing Trump's false claims of 2020 election fraud cost them $787 million.

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