Rupert Murdoch’s family has come to an agreement regarding the control of the 94-year-old mogul’s vast media empire after his death, ensuring continuity in leadership at Fox News, a major network favored by conservatives and US President Donald Trump.
For Lachlan Murdoch, his father’s chosen successor, the deal creates a trust establishing control of Fox Corp. for him, alongside his sisters Grace and Chloe. Rupert has been overseeing the company in recent years, reports AP/UNB.
Lachlan’s siblings, Prudence MacLeod, Elisabeth Murdoch, and James Murdoch, have agreed to relinquish any claims to control Fox in exchange for shares currently valued at $3.3 billion, according to a report by The New York Times.
The new trust, which will govern the family’s media assets, will remain in place until 2050.
This resolution ends a long-running family dispute with significant financial and political consequences. Fox has maintained a dominant position in US news ratings, particularly within conservative circles, and is a key platform for Trump’s political messages.
The dispute began when Rupert Murdoch and Lachlan sought to revise an earlier trust arrangement that granted equal decision-making power to the mogul’s four eldest children in the management of his media holdings after his death. While Rupert’s conservative stance has been clear, Prudence, Elisabeth, and James have not aligned as closely with his political views, sparking concerns that they might alter Fox’s direction. This led to fears that Lachlan could be removed from his leadership role.
The three siblings filed lawsuits to prevent the changes, with an initial victory in a Nevada probate court. Probate Commissioner Edmund J. Gordon Jr. referred to the move to seize control as a “carefully crafted charade” meant to consolidate Lachlan’s control.
After a lengthy legal battle and ongoing appeals, a settlement was reached and announced late Monday, with Rupert Murdoch and his children finalizing terms to resolve their differences. As part of the deal, Lachlan’s three older siblings have six months to divest any personal holdings in Fox and are prohibited from acquiring shares in Fox or News Corp. for the foreseeable future.
This attempt to consolidate control under Lachlan Murdoch was reportedly referred to as “Project Family Harmony” during negotiations. The court documents also referred to James Murdoch as the “troublesome beneficiary.” The legal proceedings involved numerous lawyers, including former US Attorney General William Barr.
