Rupert Murdoch’s family has finalised succession arrangements that hand control of his media empire to eldest son Lachlan Murdoch, ensuring Fox News retains its conservative direction. 94-year old Murdoch, an Australian-born American tycoon, built one of the world’s largest media groups, with holdings including Fox News, The Wall Street Journal, The New York Post and outlets in the UK and Australia. The agreement, announced Monday, ends a long-running family dispute over control of Fox Corp and News Corp and settles questions of succession after Murdoch’s death. Under the deal, Lachlan will benefit from a new family trust alongside his younger sisters Grace and Chloe, Rupert’s children with Wendi Deng Murdoch. Lachlan has been serving as executive chairman of Fox Corp and chairman of News Corp, as reported by Reuters. Elder siblings Prudence MacLeod, Elisabeth Murdoch and James Murdoch agreed to give up their claims. Each is expected to receive about $1.1 billion from the sale of personal holdings in Fox and News Corp over the next six months, raising roughly $1.37 billion. The shares were sold at a 4.5 per cent discount to their last closing prices. The new trust, valued at about $3.3 billion, will hold 36 per cent of Fox’s Class B common stock and 33 per cent of News Corp’s Class B shares, according to company statements. The deal follows a legal battle in Reno, Nevada, where a probate court last year blocked Rupert and Lachlan’s attempt to amend the existing trust, which had granted equal control to the four eldest siblings. The court ruled the move was made in “bad faith,” pushing the family toward settlement talks. The resolution, often compared to the plot of HBO’s Succession, confirms Fox News will remain under conservative leadership. “You know that there will always be a conservative guardian of Fox News. And frankly, if I were a shareholder, I would really think this was a very good move,” said Claire Enders, founder of UK-based Enders Analysis. Fox News continues to dominate US cable news ratings and plays an influential role in American politics, particularly among Republicans and Donald Trump’s supporters.
