The finalized settlement secures Rupert Murdoch’s (r) son Lachlan’s (l) control over Fox and News Corp|Eva Rinaldi; World Economic Forum|CC BY-SA 2.0
Conservative media mogul Rupert Murdoch’s family has finalized a settlement that secures his son Lachlan’s control over Fox News, The Wall Street Journal, and the broader media empire.
Fox Corp announced the deal on Monday, indicating the end of years of legal disputes over the Murdoch Family Trust. The agreement, reportedly worth $3.3 billion, cements Lachlan’s control of his father’s media empire.
Under the agreement, Murdoch’s children James, Elisabeth, and Prudence will sell their holdings in Fox and News Corp within six months. Proceeds from the sale will be placed in a new trust for them.
Additionally, another trust will be created for Lachlan and his younger sisters, Grace and Chloe.