The Murdoch family has reached a deal to resolve the succession battle over Rupert Murdoch's media empire, with eldest son Lachlan Murdoch securing control. The agreement, announced on Monday, ends a bitter legal dispute reminiscent of the HBO series Succession.
Under the deal, Lachlan Murdoch will take control of the empire, which includes Fox News, The Wall Street Journal, and The Times. His three oldest siblings—Prudence MacLeod, Elisabeth Murdoch, and James Murdoch—will each receive an estimated $1.1 billion for their shares. The settlement preserves the conservative bent of the media companies, as Lachlan is regarded as the most conservative of Rupert's older children.
The legal battle began after Rupert Murdoch attempted to change the terms of an irrevocable trust to give Lachlan sole voting power, a project dubbed 'Project Family Harmony'. In December, a Nevada commissioner ruled that Rupert and Lachlan had acted in 'bad faith', accusing them of a 'carefully crafted charade'. The family agreed to the buyout after the case went into appeals.
Rupert Murdoch's younger children, Chloe and Grace, will join Lachlan in a new family trust holding controlling stakes in Fox Corporation and News Corp. News Corp's board welcomed the developments, stating that Lachlan's leadership is 'important to guiding the Company's strategy and success'.
