Murdoch Dynasty Resolves $3.3B Dispute: Lachlan Triumphs
In a riveting finale to a real-life “Succession” drama, the Murdoch family has arrived at a settlement that solidifies Lachlan Murdoch’s reign over the media empire that encompasses Fox News and The Wall Street Journal. The deal, unveiled this week, concludes a contentious legal feud that has fragmented the family for years.
As per the agreement, three of Rupert Murdoch’s eldest children—Prudence MacLeod, Elisabeth Murdoch, and James Murdoch—will each be awarded approximately $1.1 billion. This hefty sum is in exchange for renouncing their claims to control the companies. The settlement gives birth to a new trust valued at about $3.3 billion. This trust will possess 36% of Fox Corporation’s Class B shares and 33% of News Corp’s Class B shares.
The resolution guarantees that Fox News will preserve its conservative editorial direction under the stewardship of Lachlan, who has held the position of executive chairman since 2016. Industry experts perceive this as a significant triumph for preserving the conservative ethos of one of America’s most influential media outlets. The 94-year-old Rupert Murdoch will retain his title as chairman emeritus, while Lachlan takes over full operational control.
Source: Axios