Lachlan Murdoch Secures Family Empire Amid Succession Drama
The Murdoch family reached a deal granting Lachlan Murdoch control of their media empire, resolving a high-profile succession dispute. Rupert Murdoch's older children, aside from Lachlan, agreed to sell their shares, receiving $1.1 billion each. A trust will benefit Lachlan and Rupert's younger children, securing the family's media influence.
Lachlan Murdoch will now helm the Murdoch family media empire following an agreement that concludes a family struggle over succession. The resolution, announced Monday, ensures a conservative lean in the family's media outlets, such as Fox News and The Wall Street Journal.
Rupert Murdoch's eldest children—James, Elisabeth, and Prudence—will receive about $1.1 billion each in proceeds from selling their shares in Fox and News Corp. The transaction, involving over 16.9 million shares of Fox Corp Class B voting stock and 14.2 million shares of News Corp Class B stock, was priced at a 4.5% discount.
A new trust will be established for Lachlan and Rupert's youngest children, Grace and Chloe. This trust, valued at $3.3 billion, will control significant shares in the media companies. The settlement circumvented a legal showdown regarding Murdoch's succession plans, maintaining a conservative leadership across the influential networks.
(With inputs from agencies.)
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