Murdoch family resolves disagreement over mass media domain
Murdoch's Media Empire Secures Conservative Leanings for Future
Rupert Murdoch, the media mogul known for his influential news outlets, has secured the conservative political leanings of his media empire for the future. A multi-billion dollar deal has been struck, giving Lachlan Murdoch, his staunch right-wing son, control over a new family trust that oversees Fox Corporation and News Corp.
The new family trust, which will manage the media giants, was established following a family trust settlement. Lachlan Murdoch, who is currently the CEO of Fox Corp, played a key role in the management post-settlement. The specific details about who exactly assumed control were not explicitly stated in the available sources.
The media empire includes Fox News in the US, the "Wall Street Journal", the "New York Post", and the British "Times". Critics continue to accuse Fox and News Corp of contributing to the rise of political populists through sensational journalism and right-wing propaganda, not just in the US.
Rupert Murdoch, at 94 years old, had growing concerns about the political direction of his media outlets after his death. The other three Murdoch children, James, Prudence, and Elisabeth, have agreed to relinquish their control over the family trust in exchange for a $1.1 billion (approximately €940 million) payout each.
The family trust previously consisted of the four Murdoch children. The current agreement allows Lachlan Murdoch to have full control over the family trust that oversees Fox Corporation and News Corp. The other three children, James, Prudence, and Elisabeth, will be compensated handsomely for relinquishing control.
The family trust tried to hand control to Lachlan Murdoch alone, but the other three children contested this in court in Nevada. Wendi Deng, Rupert Murdoch's ex-wife, had previously been pushing for her children to be included in the family trust. The new arrangement was a success for Deng, who will now have family trusts for her daughters Grace and Chloe.
James Murdoch, Rupert Murdoch's liberal-leaning son, had publicly expressed dissatisfaction with the programming of Fox News, particularly regarding baseless claims about election fraud in the 2020 US presidential election. Despite this, Lachlan Murdoch's conservative leanings have been reinforced in his role as the new head of the family trust.
The trust and the companies did not comment on the reported $1.1 billion payout to the other three children. The deal ensures the conservative political leanings of Fox Corporation and News Corp for the future, a move that is likely to continue the controversy surrounding these media outlets.
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