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Murdoch divorce pending judge's approval

Satisfied Tennessee viewers of 21st Century Fox might be happy to know that this company is not likely to see any ownership changes in light of owner Rupert Murdoch's impending divorce. The media mogul and his wife of 14 years, Wendi Deng Murdoch, are getting a divorce and are only waiting for a judge's final approval after the two reached an agreement in settlement negotiations.

According to the terms of the settlement agreement, Rupert Murdoch's hold on his media corporations will not be affected. In addition to 21st Century Fox, he also has an interest in a publishing company, News Corp. Although the former couple reached a point of contention regarding his media interests prior in their relationship, Murdoch's interest will not be changed due to the divorce. Wendi previously complained that Rupert was not putting the couple's two young daughters on the same footing in regard to the company interests as Rupert's adult sons from two previous marriages. However, the same provisions are in effect, granting the sons 38 percent of the voting stock. They will eventually receive this portion when the interest is passed to them through a family trust.

Although the daughters did not acquire any additional interest, they will be able to stay in the home they share with their mother. The residence has about $94 million invested in it. Rupert will retain ownership of his primary residence in New York, as well as two California estates that are worth millions. The judge simply needs to sign off on the settlement agreement in order for these two to finalize their divorce.

If a high asset divorce is pending, a spouse may consult with a family law attorney. An attorney may be able to provide important information about methods to reach an equitable division of the couple's property.

Source: Los Angeles Times, "Rupert Murdoch finalizing divorce; Wendi Murdoch keeps NY apartment", Meg James, November 19, 2013

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