CNN: Report: Murdoch clashes with children

[DeepModem Mom]

(Frightening note: Sludge is reporting that fallout from this may result in Fox's Roger Ailes having a larger role in the Murdoch empire.)


Report: Murdoch clashes with children
Paper says rift in family over trust funds raises questions about long-term control of News Corp.
August 1, 2005


NEW YORK (CNN/Money) - A split between media mogul Rupert Murdoch and his adult children over his third marriage raises question about who will lead News Corp. following the 74-year old billionaire's death, according to a published report.

The Wall Street Journal reports that Murdoch and his adult children are clashing over this split of the Murdoch family trust, which owns a controlling 28.5 percent stake in the media conglomerate that Murdoch runs. That trust is now worth a reported $6.1 billion in both voting and non-voting stock, according to the report.

The paper said that when Murdoch divorced his second wife, Anna, he agreed that stake would be preserved for their three children -- Elisabeth, Lachlan and James -- plus Prudence, a daughter from his first marriage.

In 1999 Murdoch got married for a third time to Wendi Deng, a former News Corp. junior executive from China in her mid-30s. They have two young daughters, according to the paper. And the paper reports Murdoch has attempted to change the arrangement he agreed to in the second divorce to give some control of the stake to the two children....

***

One public result of the tension occurred Friday when Lachlan Murdoch, 33 years old, Rupert Murdoch's eldest son, quit as deputy chief operating officer of News Corp. (Research), a decision that the Journal reported shocked executives at the company....


http://money.cnn.com/2005/08/01/news/newsmakers/murdoch/index.htm

[liberalmike27]

1. I heard

Rupert was buying up a bunch of Internet companies.

It's bad enough that he has to infect massive amounts of television and radio media, now he's encroaching on the last frontier where you can find some truth, the Internet.

[dad]

26. -

He couldn't possibly buy up all of the Internets...:spray: :spray:

[FourStarDemocrat]

2. Hope all of th kids & his wife fight over the co. & run it into the ground

That would be a fitting ending for this empire.

[ElsewheresDaughter]

3. may he reap what he sowed

[malaise]

14. That would be perfect n/t

[Raiden]

15. True American Family Values

What d'ya expect?

[tabasco]

17. Typical greedy republican inheritance waiters.

Family values indeed.

Poster children for having high inheritance taxes.

[ronnykmarshall]

19. His current wife ..

is younger than his two of kids.

[bemildred]

4. Shows a lot of class, eh?

:puke:

[Sean Reynolds]

5. Man I'm losing it. I was picturing Murdoch fighting with kids.

I thought this article was going to be about how he got into a yelling match with a bunch of young children.

"You know shit! You're just FIVE years old. You don't tell me how to run my evil empire!"

But I guess the headline makes sense in the context of the article.

Crazy.

[DeepModem Mom]

7. Now THAT would be a story -- LOL! nt

[zbdent]

6. Looks like the "family farm" might have to be sold . . .

It would be delicious irony that his kids would sell off all of the Fox empire just to support their lifestyles . . .

Thereby breaking up the juggernaut that the Repukes' have their tongues up . . .

[notadmblnd]

8. You might be right

Remember Robert Maxwell? He owned a huge media conglomerate and in his quest for power went so far in debt that he couldn't meet his interest payments. He was mysteriously suicided (fell off the side of his yacht) when he put pressure on the Israeli government for money to keep his empire afloat.

Wouldn't it be a hoot if his children find out he's broke when he dies?

[Imagine My Surprise]

16. Similar family-owned media break-up in Louisville...

20 years ago when the famed Bingham family patriarch (Barry Bingham, Sr.) decided to sell his powerful media comglomerate after some major family in-fighting. This was sad because WHAS radio went from being a 50,000 megawat liberal bastion to a Clear Channel nightmare. Yuck. (Several books have been written on this rather infamous family media feud.) Amazingly, though, even though Gannett bought the Courier-Journal, it continues to be a VERY liberal newspaper. In fact, Nick Anderson won this year's editorial cartoon Pulitzer.

[DeepModem Mom]

9. UPDATE: NYT confirms Ailes idea, but big guy could be Democrat!

Behind Murdoch Rift, a Media Dynasty Unhappy in Its Own Way
By RICHARD SIKLOS
Published: August 1, 2005

....The media baron's succession plans call for the News Corporation president and chief operating officer, Peter Chernin, to assume the chief executive's job if Rupert Murdoch were no longer able, but to cede to one of Mr. Murdoch's children when the board considered one of them ready. Now, Mr. Chernin could end up playing a greater role at the company than previously envisioned.

There is also a possibility that Roger Ailes, who built the Fox News Channel and is a close ally of the elder Mr. Murdoch, will now have an expanded role in the company. Mr. Ailes, now the chairman and chief executive of Fox News, has told company executives that he would be interested in assuming oversight of the 35 TV stations owned and operated by Fox that had reported to Lachlan....

***

Mr. Chernin, meanwhile, has emerged as the most senior non-family executive. Callers to Mr. Chernin's office on Friday were told he was not taking media inquiries. Investers and analysts praised Mr. Chernin as an astute politician who has always understood that he is working for a family business and, while sometimes disagreeing with Mr. Murdoch, has earned his professional regard. For example, although Mr. Murdoch holds strong conservative political views that are often expressed in such media outlets as the New York Post and the London Times newspapers as well as Fox News Channel, Mr. Chernin is an active supporter of Democratic causes....

http://www.nytimes.com/2005/08/01/business/media/01murdoch.html?ex=1123560000&en=fb50319429f06c0d&ei=5070&emc=eta1

[JawJaw]

24. "he would be interested

in assuming oversight of the 35 TV stations owned and operated by Fox "



Yeah, I bet he would, the fascist rat-bastard propagandist

[progressivebydesign]

10. Bigger news. A 30 year old woman actually had sex with that guy?

I shudder at the thought.

[bribri16]

11. Smart woman...just think another China coup!

The most powerful media conglomerate may well end up in the hands of the Chinese afterall.

[Binka]

12. And He's a Known Racist

He made hay for years over Asian immigration into Australia. Total FUCKWITTAGE. The lot.

[truthisfreedom]

25. hey now! my girlfriend is less than half my age. don't generalize!

some of us like having fun too! besides, i spent my entire adult life learning how to become a great lover!

[Alpharetta]

13. Classic Republican: 3rd marriage family values

FoxNews pushes "Wicked Weather" and "War on Evil". Life is a battleground between good and evil and their guys are on the side of good, they say.

It just takes them a few marriages to get there. Kind of like Newt, Reagan, Dole, Limbaugh, etc.

[shantipriya]

20. 3rd marriage

and also the new wife is a 33 year old young --less than half his age. This wasn't a marriage based on love and commitment to a cause. It was purely based on lust.He threw away the old wrinkled wives and replaced them with young hot flesh. Talk of family vaues!!!

[shantipriya]

18. murdoch children

May be his children don't like their dad's politics as well as his third marriage to a woman as old as Lachlan!!!

[Nostradamus]

21. Rosebud

about time someone stood up to the dirty digger

[Sven77]

22. rupert and hilary 2008

they are having meetings on the next presidency. im sure he is looking to support her candidacy not running himself. im not convienced hilary would be a good president. she is to middle of the road. we need another anti-war candidate.

[Voltaire99]

23. A pox on both their houses.

Always fun watching overdogs eat their own. :-)