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Tag: Prudence

  • Murdoch loses family trust case in Nevada

    Murdoch loses family trust case in Nevada

    MUMBAI: This is one battle he lost but he says he intends to fight it. 93 year old media baron Rupert Murdoch is one tough guy. Even at his age.

    He wanted to change the family trust, which gave his  four children equal voting rights to his empire, so that control would vest in his eldest son Lachlan’s hands who shared his right wing political beliefs. But he lost the case over the weekend when a Reno-Nevada probate commissioner  ruled against him and said he was acting in bad faith, when he tried to change the terms of the irrevocable trust and leave Lachlan in charge. 

    Murdoch owns 40 per cent of the voting stock in both Fox Corp and News Corp through the trust.  Upon his death James, Elisabeth , Lachlan and Prudence were to share control  of the trust equally. But the old man  wanted to change the terms of the trust  and put Lachlan, the CEO of Fox and chairman of News Corp  fully in charge upon his death. This was something his other children were not inclined to.

    Hence, they took their father to court in Nevada which was a probate court and was not open to the public. Earlier, a probate commissioner had told Murdoch senior that he could change the terms if what he was attempting to do was in good faith and in the best interests of his heirs. Murdoch senior had argued that were his other three children – Prudence, James and Elisabeth – to have voting power, they  would lean towards making his news outlets moderate which would harm their prospects as it would alienate the hard right wingers who supported it. 

    But the trio did not buy into this as they felt they would be left out and took their father and brother to court in Nevada. A case they won, following which they are now saying they would like mend and heal family relationships. 

    However, the family feud does not seem to have ended as the elder Murdoch said he was going to appeal against the probate commissioner’s decision.

  • Murdoch-Wendi get divorced

    Murdoch-Wendi get divorced

    MUMBAI: It’s done and over with. Media baron Rupert Murdoch and his third wife Wendi Deng got divorced on Wednesday. And there was none of the drama that is normally associated with the end of celebrity marriages. The duo –first Murdoch and then Wendi – arrived quietly in the New York Supreme Court in Manhattan and agreed to the terms of the divorce before Judge Ellen Gesmer, and the hearing was over in just about 15 minutes.

     

    The couple had signed one prenuptial and two postnuptial agreements delineating the division of assets in the event of a divorce. As part of the final terms, Wendi will continue to keep the couple’s apartment on Fifth Avenue in Manhattan valued at $44 million and their home in Beijing.

     

    Murdoch and Wendi have two daughters 12 year old Grace Helen, and 10 year old Chloe. The octogenarian has four other children from his two earlier marriages – Prudence, James, Lachlan and Elisabeth.

     

    Murdoch’s personal fortune which was estimated in excess of $13 billion is held in a family trust in which all this six children have an equal economic interest though his two youngest daughters have no voting interest.  The trust owns about 40 per cent stock News Corp and Twenty First Century Fox. News Corp is the owner of India’s $1billion plus turnover Star India network which runs India’s No 1 Hindi GEC Star Plus and also India’s leading sports television network.

     

    Married for 14 years, the couple decided to part ways when Murdoch said he wanted a divorce in June this year as the marriage had irretrievably broken down.  They later issued a joint statement which said: “We are pleased to announce that we have reached an amicable settlement of all matters relating to our divorce. We move forward with mutual respect and a shared interest in the health and happiness of our two daughters. We will not comment on this any further.”

  • Rupert Murdoch plans to divide wealth equally between children

    Rupert Murdoch plans to divide wealth equally between children

    MUMBAI: Media tycoon Rupert Murdoch has said that he plans to divide his wealth equally among his six children. In an interviw on US broadcaster CBS’ Charlie Rose Show he added that if he died tomorrow, his four elder children would decide who among them would control the family trust’s 30% control of the media conglomerate. Murdoch has also said that his two younger children through his third marriage to Wendi Deng will not have a role in the future of News Corp.

    This reports indicate settles confusion over who will take over the reins once Murdoch steps down. It was this confusion that led to a fight that saw Lachlan Murdoch quitting the company last year. The four children from Murdoch’s first two marriages Prudence, Lachlan, Elizabeth and James will control the family’s controlling stake in News Corp once he dies.

    “If I go under a bus tomorrow, it will be the four of them will have to decide which of the ones should lead them,” he said.