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 development 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'. The deal announced on Monday - the finale of the real-life saga - ends 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 also be named as beneficiaries of a new trust, which will receive cash from the sale of about 14.2 million shares of News Corp and 16.9 million shares of Fox Corp.
The sale of their shares will add to the three siblings' existing inheritance, but prevent them from having any influence over the political bent of the family's media conglomerate.
James has in recent years distanced himself from his family's business, citing disagreements over editorial content.
Lachlan is currently the chair of News Corp, which counts The Wall Street Journal and The Times among its publications. He is widely seen as the most politically conservative of Rupert's oldest children.
Matthew Ricketson, professor of communication at Deakin University, noted that the bitter legal battle was over the family control of a vast empire that Rupert has always described as a family business. In light of the resolution, he remarked, You can't see them all being very happy about it. The bitter irony is Rupert Murdoch has always said that he has built this business, it is a family business, he wants his family to take it over when he eventually passes on.
News Corp stated: The leadership, vision, and management by the company's chair, Lachlan Murdoch, will continue to be important to guiding the company's strategy and success.
Of Rupert's six children, the oldest four have been implicated in the legal turmoil over the company's future. His younger children from his marriage to Wendi Deng Murdoch, Chloe and Grace, are also named as beneficiaries in the new family trust.
Lachlan has been running the media empire since Rupert stepped back in September 2023, though Murdoch senior has remained as chairman emeritus of both Fox Corporation and News Corp.
Prof Ricketson elaborated that James, Elisabeth, and Prudence have been particularly vocal about opposing the company's editorial decisions. For instance, James disagreed with Fox News' handling of narratives concerning climate change and the 2020 US election results.
The battle over control played out largely behind closed doors in Nevada, a state known for its privacy in family trust disputes. Rupert's attempt to amend the family's trust to ensure that Lachlan would inherit control was rejected by a court, which deemed their actions as acting in bad faith.
Monday's deal marks a mutual resolution of the legal proceedings, signaling a new chapter for the Murdoch family and their legacy in global media.
