Lachlan Murdoch Secures Media Empire Control
Lachlan Murdoch has consolidated control over the Murdoch media empire following a family settlement. The agreement ends ongoing litigation and creates a new trust benefiting the Murdoch siblings. The trust will be funded by proceeds from selling millions of Fox and News Corp shares, though financial details were not disclosed.
Lachlan Murdoch, Rupert Murdoch's politically conservative son, has cemented his control over the family's vast media empire, which includes Fox News and the Wall Street Journal. This comes following a significant settlement within the Murdoch family.
On Monday, Fox Corp announced that it had reached a mutual agreement ending all litigation related to the Murdoch Family Trust. This agreement paves the way for the establishment of a new trust, benefiting Lachlan Murdoch, alongside Grace and Chloe Murdoch.
The newly established trust will benefit from the sale of approximately 16.9 million shares of Fox Class B stock and around 14.2 million shares of News Corp's Class B common stock. However, the exact amount of this financial transaction remains undisclosed.
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