Murdoch Family Trust Restructured: New Beneficiaries Named
Fox Corp has terminated legal proceedings related to the Murdoch Family Trust. New trusts will benefit Lachlan, Grace, and Chloe Murdoch, while Prudence MacLeod, Elisabeth Murdoch, and James Murdoch will exit. Compensation for the exiting members includes cash partly funded by selling shares worth millions, although exact amounts are undisclosed.
In a significant development, Fox Corp announced the conclusion of legal proceedings involving the Murdoch Family Trust, paving the way for the creation of new trusts favoring Lachlan, Grace, and Chloe Murdoch.
This decision indicates a major restructuring, removing Prudence MacLeod, Elisabeth Murdoch, and James Murdoch as beneficiaries of the current trust connected to Fox and News Corp.
Although the financial details of their compensation remain undisclosed, it is partially funded by selling approximately 16.9 million Fox Class B shares and 14.2 million News Corp shares.
(With inputs from agencies.)
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