Latest / Best of Business / Murray Olds: Australian correspondent on the future of the Murdoch family dynasty playing out in court

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Murray Olds: Australian correspondent on the future of the Murdoch family dynasty playing out in court · Best of Business

• 0:09
  Speaker 1: You're listening to a podcast from News Talks be follow
• 0:12
  Speaker 1: this and our wide range of podcasts now on iHeartRadio.
• 0:17
  Speaker 1: International Correspondence with Ends and Eye Insurance, Peace of Mind
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  Speaker 1: for New Zealand Business, murri.
• 0:24
  Speaker 2: Old Dozy Correspondence with Us Who mus got I Head?
• 0:27
  Speaker 2: Maybe you have to learn to you? Yeah?
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  Speaker 1: You following this Rupert Murdock succession drama.
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  Speaker 2: Oh, I think everybody in the Australian media landscape is.
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  Speaker 2: I mean, he's known as the dirty digger born in Australia,
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  Speaker 2: but of course, and you know he inherited News Corp
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  Speaker 2: Australia in nineteen fifty two on the Debber's dad, Sir
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  Speaker 2: Keith Murdoch. It was a small business then, only had
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  Speaker 2: a couple of three newspapers. He started in La but
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  Speaker 2: obviously he had ambitions far beyond Australia. He moved to
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  Speaker 2: the States decades ago. And now of course his business,
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  Speaker 2: his business empire's worth tens of billions of dollars now
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  Speaker 2: some years ago and the New York Times broke the
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  Speaker 2: story Australian's life like ossies who do well. But Rupert Murdoch,
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  Speaker 2: at ninety three, much married, just got married again, a
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  Speaker 2: minute ago. It's just like it's playing out now, this
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  Speaker 2: family succession drama. It's just like a television show. Now.
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  Speaker 2: He's got four children, each of whom signed up along
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  Speaker 2: with Rupert to what they were calling an irrevocable family trust,
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  Speaker 2: and on Rupert Murdoch's death, the four children would equally
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  Speaker 2: inherit the business. But now Murdoch wants to change the
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  Speaker 2: terms of the trust to give Lochlan Murdock, his oldest
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  Speaker 2: son and apparently the most conservative of the four children,
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  Speaker 2: control of the company for Rupert. Beyond the grave, Rupert
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  Speaker 2: is making the argument in a court in Nevada in
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  Speaker 2: the United States that the possibility of great damage being
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  Speaker 2: done to his business empire could occur if it's a
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  Speaker 2: three on one split between the children. In terms of
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  Speaker 2: the future direction of the company. He's worried the three lefties,
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  Speaker 2: if you like, Lochlan's brother and his two sisters, will
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  Speaker 2: alter the direction of his company. He's made billions by
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  Speaker 2: being a conservative force in the media. He wants that
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  Speaker 2: to continue. It's all behind closed doors, but there's going
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  Speaker 2: to be bits and pieces coming out, and ossie media
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  Speaker 2: types are fascinated. Does he still get on with the
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  Speaker 2: other three who are challenging him on this. Look, yeah,
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  Speaker 2: I don't know. I mean, it wasn't so long ago
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  Speaker 2: that Lochlan and his brother James were pretty pretty close
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  Speaker 2: and mean they were in business together. More recent times
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  Speaker 2: he's quit the company James and Lochlan now has taken over.
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  Speaker 2: I just forget Heather exactly what his title is, but
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  Speaker 2: it's I mean, he is the big He's the big
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  Speaker 2: ginner on the on the Murdoch mediate landscape. There's no
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  Speaker 2: doubt about that. That's exactly the way Ruby wants it
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  Speaker 2: to stay.
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  Speaker 1: Interesting stuff. Hey, okay, so talk to me about these
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  Speaker 1: parking law changes. Why do these guys I love it,
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  Speaker 1: But why do they have to get out of the
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  Speaker 1: car and write out the tickets.
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  Speaker 2: Because you and I mean, look, everyone gets a parking
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  Speaker 2: ticket from time to time, right, But here's the thing
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  Speaker 2: over here. You get a parking ticket in the last five, six,
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  Speaker 2: ten years, whenever it's in New South Wales, and you
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  Speaker 2: don't get that ticket for three or four weeks it
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  Speaker 2: arrives in the mail. Now in that three or four weeks,
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  Speaker 2: you've gone about your business, mod have gone overseas. Any
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  Speaker 2: number of things can happen, But basically what's happened. When
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  Speaker 2: it arrives in the mail, you run out of time
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  Speaker 2: to make a complaint and try and challenge the issuing
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  Speaker 2: of that ticket. You might have had open heart surgery.
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  Speaker 2: You have to hop from your car, and the state
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  Speaker 2: government says, listen, this is dramatically unfair. And by the way,
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  Speaker 2: you rotten councils, I mean councils supposed to be according
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  Speaker 2: to the critics about roads rates and rubbish, and keep
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  Speaker 2: your hands out of it. Get your hands out of
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  Speaker 2: our pockets. Councils are the ones that collect the money.
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  Speaker 2: And haven't they been having a feast last twelve months
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  Speaker 2: one hundred and fifty five million dollars in parking and
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  Speaker 2: we got these fines in the mail weeks later. The
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  Speaker 2: state government says it's and if it's not fair, you're
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  Speaker 2: gonna have to get out and do it. Currently, parking
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  Speaker 2: ranges are simply driving down the streets with a GoPro
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  Speaker 2: strapped to the front of their car, pinging people left,
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  Speaker 2: right and center, and in known traffic parking hotspots. They're
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  Speaker 2: just going down there and having a feast before morning
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  Speaker 2: tea rat bags, get out of your car, Give us
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  Speaker 2: the ticket and we'll challenge it if we think it's unfair.
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  Speaker 2: That's right.
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  Speaker 1: Work for your money, walk for your money, get your
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  Speaker 1: ten thousand steps, love it, muzz thank you off right.
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  Speaker 2: Jeez.
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  Speaker 1: We could do with a bit of that here, couldn't we.
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  Speaker 1: Marry Old's Ossie corresponding. For more from News Talk st B,
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  Speaker 1: listen live on air or online, and keep our shows
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