Conflict within Murdoch's media empire resolved with agreement

Murdoch Family Shifts Control of Media Empire

In a significant shakeup, media mogul Rupert Murdoch has secured the future conservative political leanings of his global news outlets by transferring control of the family trust overseeing Fox Corporation and News Corp to his son, Lachlan Murdoch.

The previous family trust, which was controlled by four Murdoch children—Lachlan, James, Prudence, and Elisabeth—has been dissolved. Under a new arrangement, Lachlan, along with his sisters Grace and Chloe, will hold the reins of the family media empire.

The deal, valued at a billion dollars, sees Rupert's three children, James, Liz, and Prudence, receiving a cash buyout for their shares. As a result, they no longer hold any ownership or voting rights in the family media companies until 2050. Lachlan, however, retains his shares, consolidating control of the empire in his hands.

James, Prudence, and Elisabeth are giving up their stakes in the family trust and will each receive approximately $1.1 billion as part of the agreement. The trust and the companies have remained silent on the substantial payout to the three siblings.

Lachlan, known for his staunch right-wing political views, will now lead the new family trust. His sister, Elisabeth, and brother, James, have expressed differing political opinions, with James, the liberal-leaning son, voicing dissatisfaction with Fox News' programming.

The new arrangement also includes family trusts for Wendi Deng's daughters, Grace and Chloe. Deng, Murdoch's ex-wife, had been pushing for her children to be included in the previous family trust for a long time.

Last year, a court in Nevada blocked Rupert Murdoch's unilateral transfer of control of the family trust to Lachlan Murdoch. However, the media tycoon, now 94 years old, has managed to secure the future of his media empire, which includes Fox News (US), the Wall Street Journal, the New York Post, and the British Times, under Lachlan's leadership.

This change marks a new era for the Murdoch family and their media empire, with Lachlan Murdoch set to steer the companies in a consistent political direction.