A long-standing succession dispute within Rupert Murdoch’s media empire has been resolved, designating his son Lachlan as the primary controller of the family’s news operations. The announcement made by the family on Monday confirms Lachlan’s control over a newly established trust, thereby ensuring that the conservative editorial stance of outlets such as Fox News, The Wall Street Journal, and The New York Post will persist following the eventual passing of the 94-year-old Rupert Murdoch.
As part of this arrangement, Lachlan will manage the trust while his siblings—Prue MacLeod, Elizabeth Murdoch, and James Murdoch—will relinquish their status as beneficiaries of any trust linked to shares in Fox or News Corp. This decision concludes a period marked by internal disagreements regarding the future direction of the family’s media holdings.
The tensions within the Murdoch family have echoed themes explored in the television drama “Succession.” Following this recent agreement, Lachlan’s elder siblings, who are seen as having more moderate political views, are expected to divest their interests in Fox and News Corp in the upcoming months. They will be designated beneficiaries of the newly formed trust.
This trust will be funded through the sale of approximately 14.2 million shares of News Corp and 16.9 million shares of Fox Corp. The proceeds are intended to supplement the siblings’ current inheritance while enabling them to distance themselves from the conservative orientation of the family media empire.
Source: https://www.bbc.com/news/articles/cn825x71g4do?at_medium=RSS&at_campaign=rss