The family of media mogul Rupert Murdoch has agreed on the division of control over his media empire after his death. This arrangement, announced by News Corp and Fox Corp, will see Murdoch’s eldest son, Lachlan Murdoch, assume control of the family media empire, which includes Fox News and the Wall Street Journal.
The agreement resolves a dispute among siblings over the control of the media empire. A Nevada court had previously blocked Murdoch’s plan to install his son as sole successor, leading to negotiations among the family.
The new agreement establishes a trust to replace the Murdoch Family Trust, which previously included all four Murdoch siblings. Under the agreement, Prudence MacLeod, Elisabeth Murdoch, and James Murdoch will receive cash equivalent to their holdings in either media company.
US media reported that the value of the settlement would be $3.3 billion (€2.824 billion), to be split equally among the three siblings.
The agreement also ensures that there will be no change in the editorial direction of Fox News, the most popular network for US President Donald Trump.
While Lachlan Murdoch shares his father’s political orientation, his siblings James and Elisabeth are seen as more politically centrist.
The Murdoch empire has transformed tabloid newspapers, particularly in the UK, and has had a significant impact on cable television and satellite broadcasting over the last few decades. It has faced accusations of stoking populism across the English-speaking world.
Brexit and the political rise of Donald Trump are credited, at least partly, to Murdoch and his media outlets. In recent years, relations between Murdoch and Trump have become more strained. Just last month, Trump began legal proceedings against the Murdoch-owned Wall Street Journal over its reporting related to his relationship with the disgraced New York City financier, Jeffrey Epstein.
Edited by: Rana Taha
The agreement resolves a dispute among siblings over the control of the media empire. A Nevada court had previously blocked Murdoch’s plan to install his son as sole successor, leading to negotiations among the family.
The new agreement establishes a trust to replace the Murdoch Family Trust, which previously included all four Murdoch siblings. Under the agreement, Prudence MacLeod, Elisabeth Murdoch, and James Murdoch will receive cash equivalent to their holdings in either media company.
US media reported that the value of the settlement would be $3.3 billion (€2.824 billion), to be split equally among the three siblings.
The agreement also ensures that there will be no change in the editorial direction of Fox News, the most popular network for US President Donald Trump.
While Lachlan Murdoch shares his father’s political orientation, his siblings James and Elisabeth are seen as more politically centrist.
The Murdoch empire has transformed tabloid newspapers, particularly in the UK, and has had a significant impact on cable television and satellite broadcasting over the last few decades. It has faced accusations of stoking populism across the English-speaking world.
Brexit and the political rise of Donald Trump are credited, at least partly, to Murdoch and his media outlets. In recent years, relations between Murdoch and Trump have become more strained. Just last month, Trump began legal proceedings against the Murdoch-owned Wall Street Journal over its reporting related to his relationship with the disgraced New York City financier, Jeffrey Epstein.
Edited by: Rana Taha
