A years-long succession battle within Rupert Murdoch's conservative media empire has drawn to a close, with his son Lachlan set to control the news group.
The deal, which the family announced on Monday, will ensure the ongoing conservative leaning of Fox News, The Wall Street Journal, and The New York Post after 94-year-old Rupert's death.
Under the agreement, Lachlan will control a new trust while siblings Prudence MacLeod, Elisabeth Murdoch, and James Murdoch will cease being beneficiaries of any trust with shares in Fox or News Corp.
This follows years of tension between the media mogul and three of his children over the future of the family-owned newspapers and television networks.
The Murdoch family's internal turmoil served as inspiration for the hit television drama Succession. This deal marks a conclusion to all litigation over the family's trust.
Lachlan's more politically moderate oldest siblings are poised to sell their holdings in Fox and News Corp in the coming months. They will be named as beneficiaries of a new trust that will manage the cash from the sale of approximately 14.2 million shares of News Corp and 16.9 million shares of Fox Corp.
The sale of their shares will augment their existing inheritance while stripping them of influence over the political bent of the family's media conglomerate.
James has distanced himself from the family business in recent years, citing disagreements over its editorial direction.
Lachlan oversees News Corp, which publishes The Wall Street Journal and The Times, and is considered the most politically conservative of Rupert's eldest children.
Matthew Ricketson, a communications professor, emphasized that the legal battle centered around family control over the vast empire, which Rupert has always framed as a family business. However, the process has splintered family relationships.
News Corp expressed that Lachlan's leadership will be vital for guiding the company's strategy moving forward. Rupert's younger children from his marriage to Wendi Deng Murdoch, Chloe and Grace, will also be beneficiaries in the new family trust.
While Lachlan has been managing the media empire since Rupert stepped back in September 2023, Rupert remains as chairman emeritus of both Fox Corporation and News Corp.
James, Elisabeth, and Prudence have expressed opposition to the direction of the company, particularly regarding editorial content related to climate change and the 2020 U.S. election.
The dispute unfolded primarily in Nevada, noted for its privacy on family trust matters, after Rupert attempted to alter the terms of the family trust to favor Lachlan exclusively. A court dismissed this move last December, claiming that Rupert and Lachlan had acted in bad faith.
Monday's announcement represents a 'mutual resolution of the legal proceedings', according to the companies.
