Murdoch’s legal argument was that Lachlan would continue to govern his media empire with a highly right-wing slant – one which has been particularly financially fruitful for Fox. He maintains that this would benefit all the family – but if the more moderate family members took control and the news outlets abandoned the hard right political edge, it would be financially detrimental.

The stakes are high and are made higher by Murdoch’s advanced years – an issue that was apparently referenced during the Nevada court proceedings, during which it was revealed that the children had started secretly discussing the public-relations strategy for their father’s death in April 2023, according to The New York Times.

It reported that these discussions were set off by an episode of the HBO drama, Succession – itself said to be inspired by the Murdoch dynasty.

The commissioner noted that the particular episode “where the patriarch of the family dies, leaving his family and business in chaos” prompted Elisabeth’s representative to the trust, Mark Devereux, to write a “Succession memo” to help avoid a real-life repeat.

Regardless of any family-style preparation, the outcome of the latest legal decision will throw the empire into chaotic uncertainty about the future.

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Fox and News Corp shareholders will be left hanging about who will govern each company’s fate.

Minority shareholders have become increasingly uncomfortable about the Murdoch family’s disproportionate control of both companies. While the family has an economic interest of only 14 per cent in News and Fox, they have a voting interest of more than 40 per cent because of a historical but antiquated dual-class share structure. Shareholders put up a resolution at last month’s News Corp annual meeting to eliminate the structure, but it was defeated.

But shareholders, at least, understood Lachlan Murdoch’s strategy was one which followed that of his father.

If his siblings take charge, the new regime will usher in a new, unknown future.

For investors, it’s a crap shoot.

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