Rupert Murdoch‘s family has reached a deal to end the years-long succession battle over his media empire, ensuring his eldest son Lachlan Murdoch will take control of the sprawling media portfolio after the 94-year-old patriarch’s death.
The agreement, announced by News Corp, will see Lachlan Murdoch lead a media portfolio that includes Fox News, The Wall Street Journal, The New York Post, and The Times.
The settlement ensures that Murdoch’s media properties will retain their conservative bent long after his death.
Lachlan Murdoch, who is widely viewed as more aligned with his father’s conservative views than his siblings, will have sole voting rights over the family trust, which holds a controlling stake in Fox Corporation and News Corp. The trust will be in place until 2050.
Lachlan’s three oldest siblings, James, Elizabeth, and Prudence, will relinquish their stakes in the existing family trust, receiving an estimated $3.3 billion in equity sales.
They will also be subject to a “long-term standstill agreement” barring them from acquiring shares of News Corp and Fox Corporation.
“Rupert Murdoch has built his reputation on being aggressive in securing what he wants, and he wanted Lachlan Murdoch to control both Fox Corp and News Corp,” said Lynne Vincent, an associate professor of management at Syracuse University’s Whitman School of Management. “Not surprisingly, that is what is going to happen. Rupert Murdoch is very effective at getting what he wants.”
Vincent added that Lachlan Murdoch’s control of the media portfolio would ensure “business as usual” at the outlets. “From what we know, Lachlan Murdoch’s views and values are very similar to Rupert Murdoch’s,” she said.
“From an organisational perspective, this provides Fox Corp and News Corp with a sense of stability, which might be appealing to some stakeholders.”
However, Andrew Dodd, director of the Centre for Advancing Journalism at the University of Melbourne, called the settlement “bad news” for media diversity and pluralism.
“This ensures the respective news outlets remain right wing and reactionary and will probably continue to be driven by the same sorts of agendas that have consumed Rupert over the last five decades,” Dodd said.
The legal fight over Rupert Murdoch’s succession plans erupted in 2023, when the Australian-born mogul sought to change the structure of the family trust to give full control of his companies to Lachlan after his death. James, Elizabeth, and Prudence took their father to court to block the bid, but ultimately agreed to the settlement.
The Murdoch family’s decades-long succession battle has reached a dramatic conclusion, with Rupert Murdoch’s eldest son, Lachlan Murdoch, cementing his control over the global media empire.
The agreement, valued at $3.3 billion, brings an end to years of legal wrangling and personal tensions that have gripped one of the world’s most powerful media dynasties.
The settlement ensures that Murdoch’s media properties, including Fox News, The Wall Street Journal, and The New York Post, will retain their conservative bent long after his death.
Lachlan Murdoch, who shares his father’s conservative views, will have sole voting rights over the family trust, holding a controlling stake in Fox Corporation and News Corp until 2050. This move is expected to maintain the current editorial direction of these outlets, potentially exacerbating political polarization.
Lynne Vincent, associate professor of management at Syracuse University, notes that Rupert Murdoch’s reputation for being aggressive in securing what he wants has played out in this situation.
“Not surprisingly, that is what is going to happen,” she said, adding that Lachlan’s control will provide stability and continuity for the media outlets.
In contrast, Andrew Dodd, director of the Centre for Advancing Journalism at the University of Melbourne, views the settlement as “bad news” for media diversity and pluralism. “This ensures the respective news outlets remain right-wing and reactionary,” he said.
As part of the deal, Lachlan’s siblings, James, Elisabeth, and Prudence, will receive $1.1 billion each, totaling $3.3 billion. The Murdoch companies will fund these payouts by selling shares valued at over $1.4 billion, which will slightly dilute the new family trust’s voting power.
The Murdoch media empire’s future direction will likely be shaped by Lachlan’s conservative ideology, potentially influencing public opinion and political discourse.
With this settlement, Lachlan Murdoch is poised to maintain the empire’s current trajectory, ensuring that Fox News and News Corp remain under his leadership for decades to come.
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