"Oligarchs are oligarching": Inside Rupert Murdoch’s family trust battle

A Nevada probate commissioner ruled last week against billionaire media scion Rupert Murdoch’s attempt to change his family’s trust in order to guarantee that his eldest son, Lachlan, would have broad control over his massive empire. As the publication put it: “If Mr. Murdoch fails to lock in Lachlan’s leadership of the company, he will be unable to ensure that Fox News will remain a right-wing news outlet after his death, putting in jeopardy the legacy of the conservative empire he had spent his life building.” We need your help to stay independent Subscribe today to support Salon's progressive journalism Murdoch called upon a provision that allowed him to make changes to the trust if it were in the best interest of its beneficiaries, arguing there may be financial repercussions should Fox News shift away from conservatism. Probate Commissioner Edmund J. Gorman Jr. wrote that the attempt amounted to a “carefully crafted charade” to “permanently cement Lachlan Murdoch’s executive roles," according to a sealed court document obtained by the Times. Rather than seek the full amount of money she was entitled to, Torv “demanded” Murdoch put his assets in a trust for their three children — Lachlan, Elisabeth and James — as well as for Prudence, Rupert’s daughter from his first marriage, the publication reported. “You could have a contract saying, ‘I'll make a will and I won't change my will.’ Or, you could do an trust.” Tait, of the University of Richmond, said she assumes the trust still enjoys the tax benefits because while it's technically possible to change an irrevocable trust, it's extremely difficult.