Deadline broke the news yesterday about the Rupert Murdoch-Wendi Deng divorce over “irreconcilable differences”. Now that the media are finishing their feeding frenzy on the split, details are emerging about the corporate holdings held by Murdoch’s families — both his older one and his younger one. News Corp has a market value of about $73B, and family members primarily own stakes via three trusts. The largest and most important is the Murdoch Family Trust, which controls about 38.4% of its voting shares. Financial benefits go to all of Rupert Murdoch’s six children from three marriages. But the trust is controlled by the CEO, who has four votes, and his four oldest children who have one vote apiece: Prudence, a daughter from first wife Patricia Booker; and Elisabeth, James, and Lachlan, his three children with Anna Torv. The four older siblings also will decide who’ll control Rupert’s votes after he dies. Wendi Deng wanted the two daughters she had with Murdoch — Grace, 11, and Chloe, 9 — to also have a vote in the Family Trust, but he declined to force the issue over the objections of his other children. Still, Grace and Chloe own stakes in News Corp via the GCM Trust, which is administered by independent trustees. It includes an undisclosed amount of Class B stock, which carries voting rights, and 8.73M non-voting Class A shares that are worth about $276M at the company’s current trading price. There’s a third trust for Rupert that has about 1% of News Corp’s voting shares. The six children also likely still have stock in News Corp outside these three trusts. In 2007 Rupert gave them $160M of the class A shares, The Guardian reports. The company’s recent proxies note that Lachlan’s LKM Family Trust has about 4.4M Class A shares and James’ JRM Family Trust has about 3.1M Class A shares.
Murdoch- Wendi Deng Divorce Focuses Spotlight On Family’s Corporate Holdings
What's Hot on Deadline
Cloris Leachman On Gene Wilder & The 'Young Frankenstein' Scene That Cracked Him Up: "We Had To Do It 14 Times"
Latest Business News
- Modern VideoFilm Founder Sues New Owner For $100 Million
- IATSE Offers To Help ‘Sausage Party’ Animators & Fight “Untenable” VFX Working Conditions
- Fox News: Andrea Tantaros “An Opportunist”, Not A “Victim”
- Broadway’s Summer Slump Continues With 6.6% Box Office Drop; ‘Paramour’ Gets Therapy
- CNN Wins FAA Waiver To Fly Newsgathering Drones Over People
- Mark Zuckerberg: Facebook Won’t Become A Media Company