Key points
- Murdoch siblings receive $1.1 billion each
- Court blocked trust amendment attempt
- New trust secures conservative leadership
ISLAMABAD: Lachlan Murdoch, the eldest son of media mogul Rupert Murdoch, has secured full control of the family’s media empire, including Fox News, The Wall Street Journal, and other major outlets. The move ends a years-long succession dispute among Rupert Murdoch’s children and ensures the conservative editorial direction of Murdoch-owned media outlets continues.
Based in New York, USA, Lachlan Murdoch, 53, has been involved in his father’s media ventures for decades, serving in executive roles at both Fox Corporation and News Corp. Unlike his more publicly visible father, Lachlan has largely stayed behind the scenes, focusing on corporate strategy and management.
The deal follows a court battle in Reno, Nevada, last year, when 94-year-old Rupert Murdoch attempted to alter a trust created after his 1999 divorce from Anna Murdoch. The trust originally planned to distribute voting shares equally among his four eldest children—Lachlan, James, Elisabeth, and Prudence—after his death. Concerned that Lachlan might be outvoted by his more moderate siblings, Rupert sought to restrict their influence.
A probate court blocked this amendment in December, ruling that Rupert and Lachlan had acted in “bad faith,” which led the family to pursue a settlement.
New deal
Under the new deal, James, Elisabeth, and Prudence will each receive around $1.1 billion in proceeds. They have agreed to sell their personal holdings in Fox and News Corp over six months.
The sale includes 16.9 million shares of Fox Class B stock and 14.2 million shares of News Corp Class B stock, generating approximately $1.37 billion at a 4.5 per cent discount.
A new family trust valued at around $3.3 billion will be established to benefit Lachlan and his younger half-sisters, Grace and Chloe Murdoch.
The agreement ensures continued conservative leadership at Fox News, a dominant force in US cable news. Media analyst Claire Enders noted, “You know that there will always be a conservative guardian of Fox News… I would really think this was a very good move.”
