Power struggle within the Murdoch empire has concluded.

In a significant turn of events, Lachlan Murdoch, the eldest son of media mogul Rupert Murdoch, has secured sole voting rights and control over the family's media empire. This resolution brings an end to a decades-long legal dispute that echoed the real-life dynamics depicted in the popular series "Succession."

The dispute, which unfolded in the US state of Nevada, involved the Murdoch Family Trust, a significant trust controlling multi-billion-dollar assets, including Fox News, the New York Post, and the Wall Street Journal. The legal battle saw Rupert Murdoch and his children, Lachlan, James, Liz Murdoch, and Prudence MacLeod, face off against each other.

Rupert and Lachlan Murdoch attempted to overturn a decades-old agreement that guaranteed each sibling equal control over the companies after Rupert's death. However, the new agreement, valid until 2050, grants Lachlan sole voting rights, while James, Liz, and Prudence will no longer have a stake in the companies their father built and will not be allowed to buy any stock in the two companies, News Corp. and Fox Corp.

The three more liberal siblings were a concern for Rupert and Lachlan, as they feared they could outvote Lachlan after Rupert's death, potentially affecting the success of the company's conservative media. Lachlan Murdoch, known for his involvement in conservative politics, has effectively run the media empire as CEO of News Corp. and Fox in recent years.

Under the new agreement, Lachlan Murdoch will control the brands through a new trust. The resolution of the dispute was announced by the family's companies, News Corp. and Fox Corp. The Murdoch family, worth an estimated $24.4 billion (€20.4 billion), according to Forbes, has reached an agreement on what will happen to their media empire, ensuring its continuity for decades to come under the leadership of Lachlan Murdoch, who is 54 years old.

For those interested in learning more about this development, the original article can be found here.