Rupert Murdoch has been battling his children for the past several weeks after seeing an episode of "Succession" on HBO, and now bankers are worrying about the Fox Corp. founder's next move, the Financial Times reported.
It began when Murdoch attempted to revoke his irrevocable trust, which previously divided his assets equally among all his children. Now, it seems Murdoch wants to consolidate power around his son, Lachlan Murdoch, who has been closest to his ideological beliefs in running their conservative platforms.
"Despite a chilling in relations between James Murdoch and his father in recent years, he and his sisters had expected that upon Rupert’s death, there would be a 'reasonable discussion' about how to divide up the assets and who might run them," the Financial Times said, citing those familiar with the matter.
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However, the new move blindsided the heirs, and it has now devolved into a "family feud," adding that James "doesn’t have a plan."
The current feeling is: “I don’t know what I want, but I don’t want the other one to take it,” the person said.
Rupert reportedly wanted to ensure Lachlan would take over the Fox News arm of the corporation to cement its conservatism, but those close to the family dispute this claim. James has been critical of Fox, according to the report.
“He doesn’t want to be the guy who presides over Fox News. He’s smart enough to know that if he repositions Fox News, it’s as good as dead. Because the power of Fox News comes from the ideological position that it has," said a person close to James.
However, he wants fair market value for it.
If a deal can't be made, Lachlan could approach other investors and try to buy out his siblings. If that doesn't work, the property may be auctioned off.
“Could Elon Musk buy Fox News for north of $20bn? Not such a crazy idea,” said LightShed analyst Rich Greenfield.
"The family chaos has left bankers and analysts speculating over whether Rupert Murdoch might opt to sell his assets before he dies, to avoid leaving them to his feuding children," reported the Times.
Meanwhile, there is concern among the shareholders that it could create instability in the company.
The report said all of the children would "extend an olive branch to their father," but they're angry for stirring up drama when the matter was thought to be settled.
