A long-running succession battle within Rupert Murdoch’s media empire has concluded, with his son Lachlan Murdoch set to take control of the news group. The family announced the agreement on Monday, ensuring that Fox News, The Wall Street Journal, and The New York Post will maintain their conservative editorial stance after the 94-year-old mogul’s passing.
Under the deal, Lachlan will oversee a new trust, while his siblings, Prudence MacLeod, Elisabeth Murdoch, and James Murdoch, will no longer hold any trust shares in Fox or News Corp. The agreement ends years of tension over the future of the family-owned newspapers and television networks and concludes all ongoing litigation related to the family trust.
The older Murdoch siblings, who are more politically moderate, are expected to sell their stakes in Fox and News Corp in the coming months. They will receive cash from the sale of roughly 14.2 million News Corp shares and 16.9 million Fox Corp shares, valued at around $1.1 billion (£810 million) each. This ensures they do not influence the political direction of the media conglomerate while adding to their inheritance.
Andrew Neil, former Sunday Times editor and founding chair of Sky TV, described the deal as “an expensive success” for Rupert Murdoch, noting that Lachlan is now fully in charge of the organisation without risk of interference from his siblings.
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