Rupert Murdoch Wins Bid to Protect Media Empire From His Left-Wing Children
Rupert Murdoch has won a protracted legal battle to ensure his son Lachlan controls the family empire after his passing.
Over the past few years, 94-year-old Murdoch has been battling out in court to ensure that Lachlan will retain full control of his father’s media empire, which includes Fox News, The Wall Street Journal and The Times of London.
Fox Corp and News Corp both confirmed on Monday long-running dispute over the Murdoch family trust had been settled.
Under the new arrangement, the previous structure of the trust is being dismantled.
According to legal documents obtained by the The New York Times, Prudence MacLeod, Elisabeth Murdoch, and James Murdoch, will now exit the business entirely.
Their report provides more details:
Under the terms of the deal, Lachlan’s three oldest siblings will receive $1.1 billion each for all their shares in the empire, according to the person with knowledge of the negotiations.
Those shares are currently held in the existing family trust, which will be dissolved. This amounts to roughly 80 percent of the value of their stock at the close of trading Friday.
As part of the agreement, the ongoing litigation between Rupert and Lachlan, 54, and the three siblings over the trust will end.
A new Murdoch family trust will be created that will include Lachlan and his two younger sisters, Grace and Chloe.