I think everyone knows that the HBO masterpiece “Succession” was based upon the Murdoch family. Well, it turns out that the family has actually based some of its actions on “Succession.”
The NY Times (link below) reports that a court in Nevada has ruled today that Rupert and Lachlan Murdoch can’t change the irrevocable trust to block the rest of the kids from having any influence on Fox News. He came down hard on them apparently but this isn’t the end of the story. I guess there are appeals and also some end runs to get the job done. But this is just fascinating:
The legal maneuvering came to a head during several days of sealed, in-person testimony in Reno in September by Mr. Murdoch, Lachlan, James, Elisabeth, Prudence and a number of their representatives on the trust. The proceedings revealed that Mr. Murdoch’s children had started secretly discussing the public-relations strategy for their father’s death in April 2023. Setting off these discussions was the episode of the HBO drama “Succession,” the commissioner wrote, “where the patriarch of the family dies, leaving his family and business in chaos.” The episode prompted Elisabeth’s representative to the trust, Mark Devereux, to write a “‘Succession’ memo” intended to help avoid a real-life repeat.
[…]
Mr. Murdoch established the Murdoch Family Trust in 2006, years after he had married his third wife, Wendi Deng, and they had two children of their own, Grace and Chloe. Under the trust, he retains control over the business until his death, at which point his voting shares will be distributed equally among his four oldest children.
The initial trust arrangement was meant to be binding, the product of an agreement Mr. Murdoch negotiated with his second wife, Anna — the mother of Lachlan, Elisabeth and James — who was concerned that he would bequeath an equal share of control and equity to the young children he had with Ms. Deng. Those youngest children were ultimately given an equal financial stake in Mr. Murdoch’s multibillion-dollar empire, but no voting power. However, the language of the trust included a provision giving Mr. Murdoch the right to make changes to it as long as he was acting in the best interests of his beneficiaries.
It was that provision that Mr. Murdoch and Lachlan sought to exploit. In recent years, they have grown increasingly concerned that James — who has left the company and is hardly on speaking terms with his father and brother — was planning to lead a coup with Elisabeth and Prudence to oust Lachlan after their father’s death and change the editorial slant of the company. During the proceedings, Mr. Murdoch and Lachlan’s lawyers pointed to a meeting that James, Elisabeth and Prudence held at Claridge’s Hotel in London in September 2023 as proof that they were scheming against Lachlan. But the commissioner ruled that accounts of the meeting were insufficient evidence of “plotting.”
It was Lachlan who initiated the plan to change the trust in the middle of 2023, according to the ruling. His and his father’s lawyers and advisers ultimately drew up a blueprint to consolidate Lachlan’s leadership by amending the trust. They called it — “perhaps too optimistically,” the commissioner quipped — “Project Family Harmony.” It singled out James as the “troublesome beneficiary.”
[…]
Mr. Murdoch and Lachlan appointed new representatives to the family trust — including Bill Barr, the former attorney general — to give them the votes they needed to disenfranchise James, Elisabeth and Prudence. They also offered voting power to the children Mr. Murdoch had with Wendi Deng, according to the ruling.
Mr. Murdoch and Lachlan introduced their plan at a special meeting of the trust late last year. The ruling quotes a text message from Lachlan to Elisabeth on the morning of the meeting: “Today is about Dad’s wishes and confirming all of our support for him and for his wishes. It shouldn’t be difficult or controversial. Love you, Lachlan.”
There’s much more to this story and as I said, it’s very juicy. Here’s a gift link. Enjoy.
Is everything in life a TV show now? I think it might be.