Could Murdoch's Family Trust & Empire implode?
i4u
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It's been announced 84 year old Rupert Murdoch has become engaged to 59 year old Jerry Hall, all fine and dandy but....
It was reported today that when he left his second wife his children weren't happy and needed counselling. Rupert set up a family trust which included his children and I believe it has 39.7% voting powers in his media interests.
When Murdoch wanted to add to the family trust his two children from his third marriage to Wendy his previous children objected and its reported Rupert paid £200m to those children to open up the trust.
James Murdoch was being set as the heir apparent of the media empire but that when pear shape over the phone hacking, Elisabeth Murdoch didn't appear to fully support her brother.
Rupert's mother lived for over 100 years, but if papa doc wasn't around could there be sibling rivalry that could threaten the media empire?
It was reported today that when he left his second wife his children weren't happy and needed counselling. Rupert set up a family trust which included his children and I believe it has 39.7% voting powers in his media interests.
When Murdoch wanted to add to the family trust his two children from his third marriage to Wendy his previous children objected and its reported Rupert paid £200m to those children to open up the trust.
James Murdoch was being set as the heir apparent of the media empire but that when pear shape over the phone hacking, Elisabeth Murdoch didn't appear to fully support her brother.
Rupert's mother lived for over 100 years, but if papa doc wasn't around could there be sibling rivalry that could threaten the media empire?
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We can only hope.
I wouldn't be surprised if once the old guy is gone/no longer able to run it things fall apart.
Robert Thomson was made CEO of the spun off New Corp when it was formed in 2013. Thomson had been the managing editor of the Wall Street Journal, and was previously an editor of The Times.
James Murdoch replaced Rupert as the CEO of 21st Century Fox last summer. This is the renamed News Corporation following the separation of its publishing assets
Rupert Murdoch is chairman of both companies with Lachlan as co-chairman.
So succession has pretty much taken already place.
Also is James Murdoch a mover and shaker like his dad and interested in cosying up to politicians?
I was surprised to learn of the Family Trust set up and the apparent £200m compensation paid by Rupert...it was suggested Jerry Hall is merely a trinket to have on his arm at red carpet events...ouch.
Whilst James Murdoch had no interest in newspapers, and was palpably not any good at running them, he is very well regarded in broadcasting. There is no one in the Murdoch family better qualified to run 21st Century Fox.
With newspapers there is no one in the family qualified at all other than Rupert. Hence his efforts for James to become experienced with them.
As the family owns just under 40% of voting stock in both companies, they would need support from other shareholders to make board appointments. But it is difficult to see them getting that just to to put a random Murdoch in charge if they are not suitably qualified.
So when Rupert leaves then Lachlan will almost certainly become chairman of both companies, replacing his father, and James will remain as CEO of C21st Fox.
I thought the idea of sons or daughters taking over their father's business went out years ago, yet here we have a media dynasty in the 21st century.
No me neither. The only thing I'll say about Murdoch is this....
At least he is a wolf in wolf's clothing, and makes no pretence to be a nice guy.
Gold digger suggests that she's not wealthy herself, which isn't the case. Jerry has a fortune of her own. Okay, it's tiny in comparison to his, but she's still loaded though.