The settlement is a resounding victory for Murdoch, 94, and Lachlan, assuring the empire that includes the Wall Street Journal, HarperCollins book publishing and the Fox broadcast network will stay under Lachlan’s control, possibly for decades to come. They have argued that the value of the media conglomerate comes in large part from its political positioning.
Rupert Murdoch and his children resolved a messy family feud with a settlement that gives favoured son Lachlan Murdoch broad control and ensures Fox News and the rest of the sprawling media empire retains its conservative slant.
Under the agreement announced Monday, the 54-year-old son will become the sole beneficiary of the trust that controls Fox Corp. and News Corp., while three of Murdoch’s children — Prudence, Elisabeth and James — will cede their stakes. Instead, they’ll receive US$1.1 billion ($1.41 billion) each, according to a person with knowledge of the matter.
