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Media mogul reaches divorce settlement

Rupert Murdoch, whose companies do a substantial amount of business in Louisiana, has settled his divorce case. The businessman and his third wife, Wendi Deng, announced that they had reached an amicable settlement on Wednesday. That settlement, announced from a courtroom, effectively ends the couple’s 14-year marriage.

Murdoch, 82, was born in Australia and went on to become one of the most successful and influential media magnates of the 21st century. He is the chief executive officer of both News Corp and 21st Century Fox, the successor to 20th Century Fox. As such, he provides leadership for a variety of television, radio and film ventures.

Wendi Deng, who holds a Masters in business administration from Yale, served as a director of a holding company that worked on licensing issues with MySpace China. MySpace was owned by Murdoch’s News Corp between 2005 and 2011. It has since been bought by a consortium that includes Justin Timberlake.

Deng achieved a measure of popular notoriety when she physically defended her husband from a man who threw a pie at him.

The terms of the couple’s divorce settlement are confidential. The agreement itself is 100 pages long and is believed to be in accordance with the prenuptial contract they signed before marrying.

Deng will continue living in the couple’s penthouse triplex on Fifth Avenue, as will their two daughters, ages 12 and 10.

All of Murdoch’s children, including four others from previous marriages, have economic interests in the family trust that he set up for them. The amount of that trust is substantial, based upon Murdoch’s estimated $13 billion fortune.

Divorce cases involve a variety of issues which can be difficult to settle privately when there is acrimony between the husband and wife. Family law attorneys can help those divorcing understand their rights and options.

Source: 
The New York Times, “Rupert and Wendi Murdoch Reach a Divorce Settlement” Peter Lattman, Nov. 20, 2013

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