Business
Murdoch's empire

Rupert Murdoch’s latest legal dispute is with his kids

The heir-raising battle continues

Millie Giles, Tom Jones
7/26/24 10:01AM

The Murdochs are, once again, doing absolutely nothing to discourage the Succession comparisons…

On Wednesday, the NYT revealed that billionaire media mogul Rupert Murdoch has been embroiled in a secret legal battle with 3 of his children since late 2023 over the political future of his sprawling news and TV empire. 

According to a previously sealed court document, voting control in the event of the 93-year-old’s passing is the issue at the heart of the matter. Per the current terms of the Murdoch family trust, voting powers at Fox Corp. and News Corp. would be distributed among his 4 oldest children — Rupert wants to change that by giving his son Lachlan (the eldest boy) sole power, reportedly in an effort to maintain the conservative leanings of his many vastly influential media properties.

Murdoch's empire

The Empire, unpacked 

Murdoch constructed his portfolio over the course of 7 decades, building on a string of local Australian newspapers with several acquisitions in the British (The News of the World, The Sun) and American (The New York Post, WSJ) media markets, before buying 20th Century Fox in 1985. Cut to present day, and Rupert Murdoch is worth ~$20 billion, per Forbes estimates, with Fox Corp. and News Corp. combining to bring in almost $25 billion in revenue last year. 

A trial to determine whether Rupert is acting in good faith by edging some of his children out, and therefore should be able to amend the trust, is expected to play out in September — presumably with many more eyes on the matter, but none more so than the three Murdochs who’ve formed a united legal front against their father.

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Nia Warfield
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Paramount Skydance reportedly preparing an Ellison-backed Warner Bros. Discovery takeover bid, sending shares soaring

Paramount Skydance is preparing a majority-cash bid for Warner Bros. Discovery, The Wall Street Journal reported, sending shares of both companies surging. The Journal’s sources say the deal is backed by the Ellison family, led by David Ellison.

WBD shares were up 30% on the report, while Paramount Skydance jumped 8%.

The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming & studios, the other for its traditional cable/TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

Exclusive | Paramount Skydance Prepares Ellison-Backed Bid for Warner Bros. Discovery

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The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming & studios, the other for its traditional cable/TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

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According to data from Cox Automotive, 17 vehicle brands raised prices of their new vehicles by more than 3% in August.

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Bank branches are still closing at breakneck speed in the US

Institutions like Chase and Wells Fargo closed 76 locations in just six weeks over the summer, per the OCC.

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Fox and News Corp slide as investors digest $3.3 billion Murdoch succession settlement

Fox and News Corp shares dropped on Tuesday after Rupert Murdoch’s heirs agreed to a $3.3 billion settlement to resolve a long-running succession drama.

Under the deal, Prudence, Elisabeth, and James Murdoch will each receive about $1.1 billion, paid for in part by Fox selling 16.9 million Class B voting shares and News Corp selling 14.2 million shares. The stock sales will raise roughly $1.37 billion on behalf of the three heirs.

The new trust for Lachlan Murdoch will now control about 36.2% of Fox’s Class B shares and roughly 33.1% of News Corp’s stock, granting him uncontested voting authority over both companies for the next 25 years. Originally, the Murdoch trust was designed to hand over voting control of Fox and News Corp to Prudence, Elisabeth, Lachlan, and James after his death.

Investors are weighing the trade-off. Clear leadership under Lachlan may resolve conflict internally, but the share dilution, executed at a roughly 4.5% discount, means long-term investors now hold slightly less clout than before.

Both companies’ stocks were trading close to all-time highs prior to the announcement.

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