A major battle is brewing within media mogul Rupert Murdoch’s family as he seeks to change the voting power structure of his family trust to benefit his oldest son, Lachlan. This move would strip Murdoch’s other adult children of their voting power, leading to a contentious dispute. High-profile lawyers have been hired on both sides, with William Barr and Adam Streisand representing Murdoch.
The secretive dispute is set to take place in court and will have significant implications for Murdoch’s media holdings, including Fox News and the Wall Street Journal. However, Murdoch is fighting to keep the trial away from the public eye, leading to requests from national news outlets to access proceedings and unseal court records.
Meanwhile, activist shareholder Jeffrey Smith of Starboard Value is pushing for Murdoch to decrease his voting power over News Corp, the parent company of multiple media outlets. Smith argues that the family’s disagreements could hinder the strategic direction of the company and calls for the removal of dual-class shares that give Murdoch more voting power.
Despite potential pushback from the company’s board, Smith believes that sending this message will highlight concerns over the Murdoch family’s control of News Corp. The trial and ongoing shareholder activism underscore the complex power struggles within the Murdoch family and the far-reaching implications for their media empire.
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