News Corp may face heir ‘deadlock’ when Rupert Murdoch's heirs take over

[babylonsister]

Family feud, anyone?


News Corp may face heir ‘deadlock’

By Andrew Edgecliffe-Johnson in New York

Published: November 27 2008 18:57 | Last updated: November 28 2008 08:11


News Corporation faces a potential “deadlock” once Rupert Murdoch’s heirs take over, according to a biography of the 77-year-old media owner whose empire stretches from the Sun newspaper in London to Star TV in Asia.

An agreement giving equal economic rights in the Murdoch family’s stake in the company to all six of its chairman’s children – but voting control to the eldest four only – contains no provision for breaking tied votes, the book reports.

“A two-to-two vote means absolute deadlock in the affairs of one of the world’s largest companies,” writes Michael Wolff, author of The Man Who Owns the News, which will be published by Broadway Books, a division of Random House, on December 2.

He quotes Mr Murdoch saying that the arrangement could yet change, giving votes to Grace and Chloe, his young children by Wendi, his third wife, “when they are 25 or 30 or something”.

However, his older children and the family’s lawyer told Mr Wolff there was no such plan to renegotiate the trust that manages the 38 per cent stake.

more...

http://www.ft.com/cms/s/89e4a4d4-bcb3-11dd-af5a-0000779fd18c,dwp_uuid=cbad994c-3017-11da-ba9f-00000e2511c8,print=yes.html

[shadowknows69]

1. Liquidate everything and split the winnings

And free the world of Fox news.

[Bucky]

2. I assumed he was just going to leave it all to his very young wife/widow-to-be

Not that I'm saying she didn't marry him out of true love...

[malaise]

3. I hope they end up broke

and penniless.

[msedano]

4. Black & White And Dead All Over

A novel roman à clef featuring one Lester Moloch as the owner of the newspaper. Guess who?

Black & White and Dead All Over
John Darnton
NY: A.A. Knopf, 2008.
ISBN: 978-0-307-26752-8 (0-307-26752-0)

http://labloga.blogspot.com/2008/09/review-black-and-white-and-dead-all.html

[katmondoo]

5. The offspring of powerful men are seldom as successful

as their fathers.