Murdoch is 94. He could die at any moment, Trump’s lawyers argued.

The legal maneuver, connected to the president’s $10 billion defamation lawsuit against the mogul and the Wall Street Journal over a story about Trump’s alleged letter to Jeffrey Epstein, has thrown the king of modern media’s longevity and his empire’s future into question. 

Trump’s lawyers seem to believe the titan is in no condition to testify at trial, citing a litany of health issues including a severe back injury, seizures, two bouts of pneumonia, atrial fibrillation, a torn Achilles tendon, a serious case of COVID-19 in 2022, and an incident in February 2025 when Murdoch collapsed and fainted at breakfast with a journalist.

“Taken together, these factors weigh heavily in determining that Murdoch would be unavailable for in-person testimony at trial,” Trump’s lawyers wrote.

For decades, Murdoch’s iron grip steered titanic assets—Fox Corporation and News Corp—across continents, through scandal, boardroom intrigue, and relentless media cycles. Yet the court’s focus on his fragility, and the legal assertion that his control has been contingent on his ability to act, accelerates what could become the defining story of the next era in global media: the fractious, uncertain, and high-stakes succession battle for one of the most powerful empires in news and entertainment.

Much of the Murdoch media dynasty’s fate hangs in the balance of the Murdoch Family Trust.  Established in 1999, after Rupert’s second divorce, the trust was created to control the family’s significant stake and voting power in both Fox Corporation and News Corp. Although the trust owns only about 14% of News Corp’s equity, it controls roughly 40-41% of the company’s voting shares, giving the Murdoch family effective control over these major media businesses through a dual-share structure.

Tom Stoddart—Getty Images

The trust was designed so that Rupert himself holds four votes during his lifetime, while his four eldest children—Lachlan, James, Elisabeth, and Prudence—hold one vote each. Upon Rupert’s death, his four votes will be distributed equally to these four children, so each will then have two votes, ensuring shared control. At the moment, Lachlan is the sole chair of News Corp and the CEO of Fox Corporation, having taken over for his father after his retirement in 2023.

Ultimately, the trust enables the Murdoch family to control its media empire by concentrating voting power among the four eldest children following Rupert’s death. But its irrevocability and the principle of equal control have sparked ongoing legal and familial conflict that stand to jeopardize the media powerhouse Murdoch built. 

In late 2023, Murdoch attempted to alter the trust to grant sole posthumous control to his eldest son, Lachlan, allowing him to take over the family business entirely. This move was legally contested by the other three children, who argued it violated the original mandate of equal control. A Nevada probate court ruled in December 2024 against Rupert’s attempt, but the mogul’s legal team has since filed an appeal.

The trust also contains a 2030 expiration date that has only contributed to the ongoing contentious family dynamics that impact the Murdochs’ businesses. The deadline could decide the fate of Fox Corporation and News Corp. Should the trust expire, its terms and centralized structure will dissolve, forcing the Murdoch heirs to determine among themselves the future structure of ownership and control over the family’s immense assets. 

Above all, the legal battle over the trust has caused an immense divide in the family. Lachlan and Rupert’s attempt to maintain control has galvanized Lachlan’s three other siblings. “They’ve unified them in a way that they weren’t unified before and so it has been in some ways a miscalculation,” Australian journalist and Lachlan biographer Paddy Manning told Fortune.

Given the long history of Murdoch sibling infighting, succession in a post-Rupert world stands to have significant impacts on the media empire. With control of the businesses passing equally to the four eldest children, boardroom gridlock—if the siblings are unable to reach consensus—could potentially paralyze key business decisions. And ongoing family divisions may shake shareholder confidence. 

Majority rules

Murdoch biographer Michael Wolff foresees Lachlan’s three vote-holding siblings ultimately aligning against him and relieving him of his command over News Corp and Fox, and eventually an implosion of the Murdoch media empire we know today. 

“The voice of the three would rule. And right now that appears to be that the three would relieve their brother of control and then make a determination about what happened to the remaining assets,” he told Fortune. (James, it’s worth noting, has denied there has even been a secret conspiracy between the siblings to unseat Lachlan in a rare interview with the Atlantic.)

The children, Wolff predicts, will then sell off some of the assets, namely those within News Corp which includes the Wall Street Journal and the Times of London, and James could take over and pivot the editorial slant of Fox News.

James, who is deeply involved in social-justice initiatives and left-leaning politics, has long been outspoken about his deep disagreements with the editorial direction of both News Corp and Fox News, having resigned from the News Corp board in 2020, explicitly citing “disagreements over certain editorial content published by the Company’s news outlets and certain other strategic decisions.” In interviews, he’s criticized his family’s business for “legitimizing disinformation.”

James Murdoch declined a Fortune request for comment.

Even if James were to take over Fox, he would face an uphill battle with the Fox Corporation board that has aligned itself with Lachlan and Rupert’s vision. Since taking over, Lachlan has appointed two of his own directors, including former Australian Prime Minister Tony Abbott. According to Manning: Abbott’s role on the board is largely to buttress Lachlan’s leadership. And shareholders, Manning told Fortune, would be pretty concerned about a strategy that tampered with the editorial line, or the programming, in a way that could dilute its earnings potential.

Fox Corporation declined a Fortune request for comment.

As for the remaining businesses in the Murdoch portfolio, finding a suitable buyer for the myriad lesser-known assets within News Corp would be a significant undertaking. The Wall Street Journal, Wolff said, would be somewhat of an exception. “You have vanity buyers to strategic buyers,” he added, throwing Michael Bloomberg’s name into the mix.

News Corp did not respond to a Fortune request for comment.

Billion-dollar buyout:

Acquiescing to his siblings isn’t Lachlan’s sole option. The eldest Murdoch son could buy out his siblings, but past attempts, in 2019 and 2023, were unsuccessful. Lachlan has never been willing to offer his siblings more than 60% of the market value of their shares. 

Manning sees Lachlan buying out his siblings as the most logical move, one made by Rupert himself in the 1990s. But, according to Manning, Lachlan’s successful leadership at Fox and News Corp would allow his siblings to ask a high price, into the several billions of dollars, for control of the companies. 

“Lachlan is having to pay his siblings a higher and higher value to get out of his way, and he’s having to pay them for effectively the fruits of his strategy, which they have criticized. So he’s in a real bind,” Manning told Fortune.

Under Lachlan’s leadership, Fox Corporation’s stock has performed well, even rising throughout the initial months of his appointment. Although the stock has seen some fluctuation due to ongoing legal battles, its price reached an all-time high of $58 in February 2025. In its third-quarter financial reporting, the company disclosed $4.37 billion in revenues, a 27% year-over-year increase.

As for News Corp’s performance, the company’s stock has soared, reflecting steady financial performance and strong growth. In 2024, the company’s earnings jumped nearly 79%.

Jackie Luna—REUTERS/Redux

Business as usual

Author and journalist Claire Atkinson, who has covered the Murdochs extensively and is writing a forthcoming book on the media dynasty, points to Lachlan’s business wins as a potential reason for Lachlan’s siblings to allow him to remain in control. She doesn’t view sweeping changes to the Murdoch businesses as inevitable following Rupert’s death.

“Lachlan has run it for more than five years. The stocks have done better than other media stocks,” she told Fortune. 

Aside from the stock’s performance, Lachlan has also helped propel Fox News’ success. Fox News remains the top-rated cable news channel, leading primetime and outpacing ABC, NBC, and CBS. And he has continued Fox’s expansion into streaming following the company’s 2020 acquisition of Tubi, which as of July 2025, has since surpassed 100 million monthly active users.

But beyond Lachlan’s success, Atkinson doesn’t see Elisabeth and James attempting to reclaim power at their family’s enterprise. “They’ve got these billion-dollar fortunes of their own to create whatever media companies they want,” she said, something Elisabeth has long been doing. The youngest Murdoch daughter started her global TV and film production and development company, Sister Pictures, in 2019. 

Elisabeth Murdoch did not immediately return a Fortune request for comment.

Regardless of the potential outcomes, both Atkinson and Manning expect Lachlan to fight tooth and nail to remain heir to the Murdoch empire. “I don’t see him stepping aside or stepping down or relinquishing that position anytime soon at all. I think he is absolutely committed to his role,” Atkinson said. 

Wolff, however, questions Lachlan’s willingness to go above and beyond for control over the businesses. “There’s always the sense that he would rather be doing something else, spear fishing,” he said, referring to Lachlan’s favorite hobby.

How hard Lachlan will have to fight to remain atop his father’s enterprise is ultimately dependent upon his siblings, with whom his relationships have been strained by the weight of the Murdoch legacy and divided ideals. 

“This all comes down to four people, and whether they get along or they don’t get along, and whatever accommodation they can come to with each other. Nothing else matters, nothing except what these four people will want at a given moment in time,” Wolff said.