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Rupert Murdoch's family ends feud, confirms Lachlan as Fox successor
Murdoch's three older children - Prudence MacLeod, Elisabeth Murdoch, and James Murdoch - have agreed to relinquish their claims to Fox's control in exchange for stock worth $3.3 billion.
Initially, Rupert and Lachlan attempted to alter an existing trust that had given all four of Murdoch’s eldest children equal voting rights.
Rupert Murdoch's family has reached a settlement over control of his media empire after his death, securing Lachlan Murdoch's position as the long-term header of Fox Corp. and guaranteeing no change in the network's conservative editorial direction.
The deal, reported by The New York Times, establishes a new trust through 2050 that places Lachlan at the helm alongside his younger sisters, Grace and Chloe.
Murdoch's three older children - Prudence MacLeod, Elisabeth Murdoch, and James Murdoch - have agreed to relinquish their claims to Fox's control in exchange for stock worth $3.3 billion.
The pact ends a protracted court battle that played out like a real-world version of HBO's Succession.
Initially, Rupert and Lachlan attempted to alter an existing trust that had given all four of Murdoch's eldest children equal voting rights.
Prudence, Elisabeth, and James - who are less aligned with their father's staunch conservative views - sued to block the changes, winning an early ruling in a Nevada probate court. The commissioner even described the effort to entrench Lachlan's power as a "carefully crafted charade."
But with appeals dragging on, the family struck an agreement late Monday. As part of the deal, the three elder siblings must sell their Fox holdings within six months and are barred from acquiring shares or taking any actions involving Fox or News Corp. in the future, the report added.
The initiative, internally dubbed Project Family Harmony, had branded James Murdoch as the "troublesome beneficiary" in sealed documents, underscoring just how high the stakes were for both business and politics.
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