BREAKING
Extract from ABC News
A lawyer for Rupert Murdoch said they were disappointed with the ruling and intended to appeal, the Times reported. (Reuters: Fred Greaves)
A Nevada commissioner has ruled against Rupert Murdoch's bid to change his family trust to consolidate control of his media empire in the hands of his son Lachlan, the New York Times has reported, citing a sealed court document.
Nevada Commissioner Edmund Gorman concluded in a decision filed on Saturday, local time, that Rupert and Lachlan — who is the head of Fox News parent Fox Corporation and News Corp — had acted in "bad faith" in their effort to amend the irrevocable trust, the newspaper reported.
The trust currently would divide control of the company equally among Rupert's four oldest children — Lachlan, James, Elisabeth and Prudence — after his death.
In his opinion, the commissioner said the plan to change the trust was a "carefully crafted charade" to "permanently cement Lachlan Murdoch's executive roles" inside the empire "regardless of the impacts such control would have over the companies or the beneficiaries" of the family trust, the Times said.
A lawyer for Rupert Murdoch, Adam Streisand, said they were disappointed with the ruling and intended to appeal, the Times reported.
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