Rupert Murdoch’s children have settled their legal battle over control of the media mogul’s empire, News Corp and Fox Corp confirmed on Monday.
The deal ends months of litigation after some of Murdoch’s children opposed his plan to appoint Lachlan Murdoch as his successor, a move aligned with Rupert’s political leanings. A Nevada court had earlier blocked the 94-year-old’s effort.
As part of the settlement, a new trust will replace the Murdoch Family Trust, which previously included all the siblings and half-siblings. Prudence MacLeod, Elisabeth Murdoch, and James Murdoch will exit the companies, receiving cash from equity sales and relinquishing their stakes.
Prudence, the eldest daughter, has long stayed out of the family business, while Elisabeth and James are known for holding more centrist political views.
The feud over the companies, which own Fox News, The Wall Street Journal, and several British and Australian outlets, famously inspired the award-winning TV series “Succession.”
According to a press release, “new trusts will be established for the benefit of Lachlan Murdoch, Grace Murdoch, and Chloe Murdoch,” with Rupert and his two half-sisters listed as “remaining beneficiary trusts.” At the same time, “the departing beneficiaries” will “cease to be beneficiaries in any trust holding shares in News Corp or Fox Corporation.”
What you should know
Rupert Murdoch’s children have ended their legal battle over succession, clearing the path for Lachlan Murdoch to assume leadership.
James and Elisabeth Murdoch, known for their centrist leanings, are leaving with cash settlements, while the empire’s control shifts firmly toward Lachlan and his siblings Grace and Chloe.
