Fox Corp. CEO and favored son Lachlan Murdoch prevails in family succession drama

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The much-anticipated saga over the Murdoch family’s succession is now concluded, with a $3.3-billion agreement reached. This settlement transfers control of the family’s significant media properties, such as Fox News, the New York Post, and the Wall Street Journal, to Lachlan Murdoch.

On Monday, Fox Corporation unveiled the amicable settlement of the ongoing legal disputes that had been casting doubt over the path for their television business and the media company owned by the Murdoch family, News Corporation. The specific monetary amount was disclosed by a source who is knowledgeable about the matter but not permitted to speak publicly about it.

Last year, a public controversy erupted over succession issues when Rupert Murdoch’s three adult children attempted to prevent changes he proposed to his trust, which would strengthen Lachlan Murdoch’s control. In December, a probate commissioner in Nevada denied Rupert Murdoch’s petition to modify his trust due to opposition from his own children.

The elderly business tycoon aimed to preserve the traditionally conservative nature of his media empire and believed Lachlan Murdoch, currently serving as both chairman and CEO of Fox, shared similar political views, making him an ideal choice for continuing this legacy.

So far, Rupert’s four eldest children – Prudence MacLeod, Elisabeth Murdoch, Lachlan Murdoch, and James Murdoch – had been slated to share control of the business empire. However, as part of a recent agreement, Prudence, Elisabeth, and James have decided to relinquish their stakes in the family trust and renounce any future roles within the organization.

Hollywood Inc.

According to a decision made by a Nevada probate official, media mogul Rupert Murdoch will not be able to alter his family trust so that it passes control to his son Lachlan upon his demise.

Two fresh trusts will be created, one of which is intended to provide for Lachlan Murdoch and Rupert Murdoch’s two younger daughters, Chloe and Grace Murdoch, who are the offspring of their former wife Wendi Deng.

As a cinephile penning my thoughts on the latest development, I’d like to share an intriguing turn of events: The Murdoch Family Trust is planning to pass along its Fox Corp. stocks, amounting to 16.9 million shares, to Prudence, Elisabeth, and James, as well as their lineage. This transfer, I believe, will pave the way for a new era of investment opportunities and potential influence in the media landscape, given that these shares are being offloaded via a public offering by Fox Corp. themselves. Keep an eye on this intriguing development!

The revenue generated, combined with the sale of 14.2 million shares of News Corp.’s Class B common stock in the publishing sector, is earmarked for financing the establishment of this new trust.

On Monday, it was announced that the decision-making power over the Fox and News Corp. shares owned by this trust will be under Lachlan Murdoch’s control, as represented by his designated managing director, until the year 2050.

The directors at Fox express approval for these recent advancements and are convinced that the guidance, foresight, and management provided by the CEO and Executive Chairman, Lachlan Murdoch, will remain crucial in shaping the company’s direction and future achievements,” according to their statement.

Fox said it is not selling any of its stock.

The family intends to offload their non-voting Class B shares, while keeping their voting shares and control over the company. However, Rupert Murdoch will continue in his role as Chairman Emeritus within the organization.

For six months after selling their stocks, James, Prudence, and Elisabeth will need to offload their small, personal shares in FOX and News Corp. This is required to fully cut ties with these two companies.

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2025-09-09 02:01