Lachlan Murdoch

Murdoch Family Reaches Settlement in Succession Dispute, Lachlan to Solidify Control

NEW YORK – The Murdoch family has reached a settlement resolving a protracted dispute over the future of media giants News Corp‍ and Fox Corp., paving the way for Lachlan Murdoch⁣ to assume greater control. The agreement, ‍finalized after ⁢a family battle largely fought behind closed doors, will see Rupert Murdoch remain ⁢as⁢ Chairman Emeritus.

According to filings, each of the three Murdoch​ siblings – Lachlan, James,⁣ and Grace Murdoch, and Chloe Murdoch – ⁣will​ receive just under $500 million from the sale ‍of their⁤ holdings.​ The‍ New York Times estimates the total value of the settlement, including loans and other financial arrangements, at approximately $1.1 billion per sibling.

As‍ part of ⁤the agreement, the siblings are required to sell any minimal personal holdings in Fox and news Corp.and are subject to a long-term standstill agreement preventing them, and their affiliates, from ‍acquiring shares or taking certain actions​ regarding the companies.

The ‍settlement will dilute the Murdoch family’s voting ‌power to approximately 33.1 percent of News Corp’s Class B common stock and less than 0.1 percent of its Class A common⁢ stock, ⁣and approximately 36.2 percent of Fox Corporation’s Class B common stock ⁣and less than 0.1 percent of its Class⁢ A common⁣ stock.

new trusts will be established for⁤ Lachlan,⁣ Grace, and Chloe Murdoch, with Lachlan controlling ⁤the voting rights.

“News Corp’s board of directors welcomes these developments and believes⁤ that the ‍leadership, vision and management by the Company’s Chair,⁤ Lachlan Murdoch, will continue to be crucial‌ to⁣ guiding the Company’s strategy and⁤ success,” ‌News Corp. stated, with​ Fox releasing⁣ an identical statement.

the dispute stemmed ‍from Rupert Murdoch’s attempt to amend the family⁣ trust to ensure Lachlan’s ⁢succession. ⁣His ‍other children ⁢opposed​ the change, leading to a legal challenge in Nevada. The Nevada‍ court ultimately ruled against altering the irrevocable trust. Details of​ the‌ family conflict were revealed in stories published by The New York Times Magazine and​ The⁣ Atlantic, the ⁢latter featuring extensive contributions from⁤ James Murdoch.