A years-long succession battle within Rupert Murdoch's conservative media empire has drawn to a close, with his son Lachlan set to control the news group. The deal, announced on Monday, will ensure the ongoing conservative leaning of Fox News, The Wall Street Journal, and The New York Post after 94-year-old Rupert's death.
Under the agreement, Lachlan will control a new trust while siblings Prudence MacLeod, Elisabeth Murdoch, and James Murdoch will cease being beneficiaries of any trust with shares in Fox or News Corp. This comes after years of tension between the media mogul and three of his children over the future of the family-owned newspapers and television networks.
The Murdoch family's internal turmoil served as inspiration for the hit television drama Succession. The deal announced on Monday ends all litigation over the family's trust, concluding a multi-year saga.
Lachlan's more politically moderate oldest siblings are poised to sell their holdings in Fox and News Corp in the coming months. They will be named as beneficiaries of a new trust, set to receive cash from the sale of about 14.2 million shares of News Corp and 16.9 million shares of Fox Corp.
This sale represents a further inheritance but limits their influence over the political direction of the family's media conglomerate, a move underscored by James Murdoch's increasing distance from the family business due to disagreements on editorial content.
Matthew Ricketson, a communication professor, notes that the family conflict reflects deeper issues of familial control over a business Rupert Murdoch once tightly controlled, hinting at the bittersweet resolve of the ongoing family legacy.
News Corp has expressed confidence in Lachlan Murdoch’s leadership, highlighting his vision and management skills as crucial for the company’s strategy moving forward.
