In the high-stakes world of global media conglomerates, few figures loom as large as Rupert Murdoch, the 94-year-old architect of an empire spanning Fox News, The Wall Street Journal, and a vast array of publishing and broadcasting assets. As murmurs of his potential passing grow louder amid health speculations, industry executives and legal experts are bracing for what could be one of the most contentious corporate successions in modern history. The core of the drama lies in a family trust that controls voting shares in News Corp. and Fox Corp., pitting Murdoch’s eldest son, Lachlan, against his siblings in a battle that echoes the fictional Roy family from HBO’s “Succession.”

Recent court rulings have only intensified the rift. Last December, a Nevada probate commissioner rejected Murdoch’s attempt to amend the irrevocable family trust to grant Lachlan sole control, ensuring that his three other adult children—Prudence, Elisabeth, and James—retain equal voting power upon his death. This decision, detailed in reports from The Guardian, underscores the siblings’ united front against what they viewed as an effort to entrench conservative editorial influence at Fox News and beyond.

The Trust’s Ironclad Structure and Its Fault Lines
Established in 1999 during Murdoch’s divorce from his second wife, Anna, the trust was designed to distribute control equally among his four eldest children, excluding his two younger daughters from a later marriage. But Murdoch’s 2023 push to revise it—argued in a secretive Reno courtroom—aimed to prevent his more liberal-leaning offspring, particularly James and Elisabeth, from diluting the companies’ right-wing bent. Insiders say this move was driven by fears that a shift in control could erode the profitability of Fox News, which commands a dominant share of cable viewership, as noted in analyses from The New York Times.

The legal skirmish, which unfolded behind closed doors to protect trade secrets, revealed deep ideological divides. James Murdoch, who resigned from the News Corp. board in 2020 citing editorial disagreements, has publicly criticized the network’s handling of climate change and political misinformation. Elisabeth, meanwhile, has pursued independent media ventures, distancing herself from the family’s conservative stronghold.

Potential Fallout for Fox and News Corp.
Should Murdoch pass without further resolutions, the equal voting rights could lead to boardroom paralysis or forced asset sales, according to legal experts cited in a recent piece by Fortune. Fox Corp., valued at over $15 billion, relies heavily on its news division’s polarizing content to drive ad revenue, pulling in 70% of cable news audiences post-Trump’s 2024 election win. A liberal tilt under sibling influence might alienate its core base, prompting advertiser boycotts or regulatory scrutiny.

News Corp., encompassing The Wall Street Journal and book publisher HarperCollins, faces similar risks. Analysts predict that any internal “civil war,” as termed in social media discussions on X, could depress stock prices and invite activist investors. Posts on X from users tracking the saga highlight sentiments of impending chaos, with some speculating that President Trump’s recent criticisms of Fox—labeling it “fake news”—stem from awareness of the family’s fractures, potentially accelerating a shakeup.

Broader Implications for Media Power Dynamics
Beyond the family feud, the succession raises questions about the future of media influence in a polarized era. Lachlan, who assumed day-to-day control in 2023, has steered Fox toward even bolder conservative programming, aligning with figures like Trump, who once dubbed Murdoch a “legend” during a 2025 Oval Office meeting. Yet, as detailed in an NPR interview with Atlantic writer McKay Coppins on Fresh Air, the siblings’ legal war could force a reckoning, possibly leading to spin-offs or mergers.

Industry observers, including those at Syracuse University’s Institute for Democracy, Journalism, and Citizenship, warn that a fragmented empire might weaken Fox’s sway over U.S. politics. Trump’s administration has already signaled intent to challenge media giants, with recent Nieman Lab reports noting Fox’s bind in navigating loyalty to its audience amid family turmoil.

Navigating Uncertainty in a Post-Murdoch World
For now, Murdoch remains active, but his age and the trust’s rigidity leave little room for last-minute maneuvers. Legal appeals are possible, yet experts from Business Insider suggest the Reno ruling sets a precedent for equal inheritance. As one X post aptly captured the mood, the real-life drama surpasses any scripted series, with billions in assets and global influence hanging in the balance.

Ultimately, the Murdoch succession isn’t just a family affair—it’s a litmus test for how ideological legacies endure in corporate America. Stakeholders from Wall Street to Washington are watching closely, aware that the outcome could reshape news consumption for generations.