Murdoch Succession Battle Concludes with Lachlan Set to Lead
A long-running internal dispute over the future of Rupert Murdoch’s media empire has ended with a deal positioning his son, lachlan Murdoch, to take firm control. The agreement, announced Monday, resolves all litigation surrounding the family trust and secures the conservative direction of outlets like Fox News, The Wall Street Journal, and The New York Post.
The deal establishes a new trust controlled by Lachlan, currently the chair of News Corp, which owns publications including The Wall Street Journal and The Times. Meanwhile, Rupert Murdoch’s children prue MacLeod, Elizabeth Murdoch, and James Murdoch will no longer be beneficiaries of any trust holding shares in Fox or News Corp.
The siblings will sell their holdings in both companies in the coming months, receiving cash from the sale of approximately 14.2 million shares of News Corp and 16.9 million shares of Fox Corp. While this sale will add to their existing inheritance, it effectively removes their influence over the political stance of the media conglomerate.
Lachlan Murdoch is widely considered the most politically conservative of Rupert Murdoch’s oldest children. News Corp affirmed its confidence in his leadership,stating,”The leadership,vision and management by the company’s chair,Lachlan Murdoch,will continue to be notable to guiding the company’s strategy and success.”
The family’s internal dynamics, mirroring the themes of the television drama Succession, fueled years of tension regarding the future of their media holdings. This agreement brings an end to that chapter, solidifying Lachlan Murdoch’s position at the helm.
