Lachlan Murdoch wins control of Fox and News Corp in family agreement

New Delhi: Rupert and Lachlan Murdoch have reached a settlement with Lachlan’s siblings, Prudence, Elisabeth and James, granting Lachlan control of the family trust that includes controlling stakes in Fox Corp. and News Corp., the latter being the publisher of The Wall Street Journal, according to the report.

Under the agreement, Prudence, Elisabeth and James will cease to be beneficiaries of the trust and will each receive around $1.4 billion, based on Bloomberg calculations using Monday’s share prices of Fox and News Corp. The settlement is valued at $3.3 billion, according to The New York Times, citing an individual familiar with the negotiations.

To fund the settlement, the existing trust will sell 16.9 million Class B Fox shares and 14.2 million Class B News Corp. shares. Following the sale, the trust will be dissolved. A new trust for Lachlan is set to expire in 2050, ensuring he retains control of the media holdings until that year, the Fox Corp. statement noted.

Rupert Murdoch’s initial succession plan involved dividing control of the media empire among his four eldest children. In 2023, he attempted to grant Lachlan full control over the companies, prompting a lawsuit from Prudence, Elisabeth and James in 2024. The lawsuit challenged the succession changes as the siblings sought to distance themselves from the conservative media holdings with which they disagreed. Settlement discussions began earlier this year, with terms finalised late last week, according to the report.

Murdoch and family net worth is estimated at $24.4 billion as of Monday, up from $19.5 billion in 2024.