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Real Life Succession

twenty02
For those of that watched Succession on HBO.... Amazing how closely the show is tied to real life in the Murdoch family.

From Matt Levine's blog today:

Rupert Murdoch’s family trust owns about 14% of the stock of News Corp., but News Corp. has dual-class stock, and Murdoch owns about 41% of the voting stock. There is a similar dual-class structure at Fox Corp., where Murdoch controls about 43% of the vote. This is controversial — we talked the other day about an activist News Corp. shareholder trying to get rid of the dual-class stock — but not uncommon. Particularly in the media business, there’s a sense that the founding family ought to have control over the company, insulated from the pressures of the market. The “dual-class capital structure promotes stability and has facilitated the successful implementation of News Corp’s transformational strategy,” says News Corp.

When Murdoch dies, his six children will each inherit a portion of the economic ownership of that stock. Right now four of those children stand to inherit equal voting rights over the trust, and they seem to be at odds with each other about the company’s business strategy and journalistic standards. This arguably undermines the purpose of the super-voting stock: You might want one person to have control of the company, insulated from conflicting pressures, to “promote stability.” Murdoch might want the economic ownership (of his 14% ownership stake) to be divided among his children, but he might want the voting control (of his 41% voting stake) to be concentrated in one of them.

And so the solution is dual-class stock on top of dual-class stock: Give one Murdoch child (Lachlan) super-voting control over the trust that has super-voting control over News Corp. and Fox Corp.:​
Rupert Murdoch, 93 years old, is seeking to amend his trust—which holds big stakes in Fox News owner Fox Corp. and Wall Street Journal parent News Corp—to ensure that when he dies Lachlan will control the family holdings spanning cable news, sports media, streaming, newspapers, book publishing and real estate. James Murdoch is resisting the change, and these days he has Elisabeth and Prudence on his side.​
​
A trial to settle the dispute is set to begin Monday in a probate court in Nevada, where the trust is based. It will be closed to the public unless pending legal challenges to open up the proceedings are successful.​
​
The Murdoch trust exercises considerable influence over Fox and News Corp, with roughly 40% voting stakes in each company. Rupert now controls it, but when he dies, each of his four oldest children will have an equal voting share, people familiar with the matter said.​
​
For Rupert Murdoch, putting more power in Lachlan’s hands is meant to ensure stability at the businesses and avoid a confusing ownership structure in coming years, associates of the mogul said. If he prevails, Lachlan would have the same sweeping authority his father has enjoyed for years, and other shareholders would largely have to accept whatever his plans are for the companies. …​
​
Under the proposed changes, Lachlan would eventually gain control when Rupert’s votes go away. James, Elisabeth and Prudence would still remain financial beneficiaries, alongside two younger siblings from Rupert Murdoch’s marriage to Wendi Deng, Grace and Chloe.​
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Friday Funnies

sdhoosier
An elderly Scottish Jew has decided to take it a little easier and take up golf. So he puts his name down at the local club. After a week he receives a message that his application has been turned down. So he goes down to the club to enquire why.

Secretary: You are aware that this is a Scottish golf club?

Scot: Aye but I am as Scottish as you are Jock.

Secretary: This means that on formal occasions we wear kilts.

Scot: Aye, so do I.

Secretary: You are aware that we wear nothing under our kilts?

Scot: Aye, neither do I.

Secretary: But you are a Jew?

Scot: Aye, I be that.

Secretary: So you are circumcised?

Scot: Aye, I be that too.

Secretary: I am terribly sorry, but the members just would not feel comfortable with that.

Scot: Ach, away with ya man. I know that you have to be a Protestant to march with the Orangemen. I know that you have to be a Catholic to become a Knight of Columbus. But this is the first time I heard that you have to be a complete prick to join a golf club.​
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and a chick...

GXOtSapWkAAyV9s








GXNwne6WoAA6gLo






GXIdYxvX0AAtpMa
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Since Eating Cats is in the News....

S
While I myself have never had the chance to partake in the apparent Haitian delicacy of Felis Catus, I have had a couple of odd things over the years.

I have had squirrel.
I have had sea urchin (uni)
I have had boiled octopus
I have had caviar (which yeah, socially acceptable, but when you really think about what it is....)
I have had snails (escargo)
I have had fried frog legs
I have had chocolate covered grasshoppers

So what say you. What's the "weirdest" thing you've ever eaten (at least by red-blooded American standards)?
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Watchable Big 10 games this WE

M
--Bama at Wisconsin

--Washington St. at Washington

--Oregon at Oregon St.

--ND at Purdue

--Indiana at UCLA

--Maryland at Virginia


Some comments:

--Overall, not a big WE for watchable games.

--Bama at Wisconsin could get ugly for Wisconsin. I think the transition from Barry Ball to LF has been more difficult than expected.

-- I feel like ND at Purdue is a real wild card. Just about anything could happen. If Purdue does beat ND, it could be the beginning of the end for MF.

--IU playing in the Rose Bowl. So interesting. For most BT fans probably the 3rd most interesting game this WE.

--Maryland loss at MSU was really a bad one. Their coach needs to win this one. Interest in the program has not recovered since they left the ACC.

--Washington at WSU--Rivalry games are always interesting. Washington stadium is a cool place.

--Oregon v. OSU--Oregon ripe for an upset?
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Local high school lineman is interested in the Hoosiers

B
Everyone, check out my article on Noblesville High offensive lineman Mason McDermott, who could be one of the top prospects in the country when it's all said and done.

n.rivals.com

Promising in-state lineman interested in the Hoosiers

Mason McDermott is a top prospect from Noblesville High School.
n.rivals.com n.rivals.com

Here's a look at his first three games of 2024 here: Login to view embedded media
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For those who rebuke me for claiming to be a Republican but hating Trump

WhyisIUBBcursed
His insane rant about Haitians eating pets is exhibit A. My daughter has worked in refugee resettlement in Columbia, SC for 3 years. Her clients who are all here legally put up with this kind of bullshit all the time. It’s one thing for ignorant rednecks to make ignorant redneck comments. It’s entirely another for a man who wants to be the leader of the free world to say these asinine things. Do the people who ridicule these Haitians have a freaking clue what they’ve endured in their country? They are simply here to make a better life for themselves. Not to eat poor Fido.
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OT - NFL Daily Fantasy

hookyIU1990
I have a recurring contest set up for Sunday NFL games in the AOTF Douchebag league on Draftkings. Everyone is welcome to join. (We also run golf contests starting in January and ending when the playoffs are over)

$5 entry. Contest automatically spawns on Wednesday around lunch time each week. We had 5 last week and hoping to have more that 10 each week going forward. Payout is top 2-5 spots depending on the number of entrants.

Check out this contest on DraftKings https://www.draftkings.com/contest/draftteam/166933717
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