The Murdoch family has reached a settlement that will ensure Lachlan Murdoch solidifies control over their media empire, which includes media outlets such as Fox News and The Wall Street Journal. This agreement ends a long-standing dispute over the control of one of the most prominent global media companies.
The controversy has been rumored to have influenced the creation of the television series Succession, which depicts the internal power struggles within a fictional media dynasty.
The agreement stipulates that Rupert Murdoch’s children, James, Elisabeth, and Prudence, will sell their personal holdings in Fox and News Corp over a six-month period. In exchange, they are expected to receive approximately $1.1 billion in returns.
A new family trust will be established to benefit Lachlan Murdoch, along with his younger siblings Grace and Chloe Murdoch, who are children from Rupert’s marriage to Wendi Deng Murdoch. This comes after a legal battle over succession was held in a Nevada courtroom.
Rupert, who is currently 94, had attempted to alter the terms of the family trust, which was established after his 1999 divorce. The trust holds significant shares in Fox News and News Corp. A court previously dismissed Rupert’s plan, citing “bad faith” in seeking the changes to the irrevocable trust.
Rupert Murdoch launched Sky in 1989, and in 2018, 21st Century Fox sold their 39% stake in Sky to Comcast.
Source: https://news.sky.com/story/rupert-murdochs-son-lachlan-takes-control-of-family-media-empire-including-fox-news-and-wall-street-journal-13427390
