"How it works: With the new agreement, three of Murdoch's older children - Prudence, Elisabeth and James - will receive significant cash payouts for their shares and will step away from their roles at both companies. Each of those siblings will become beneficiaries of new trusts that will be funded in part by the sale of roughly 31 million Class B shares of the companies that were previously held by the old family trust."
"Zoom in: The new trust that hands the keys over to Lachlan Murdoch will expire in 2050. Murdoch's youngest children, Chloe and Grace Murdoch, are included in the new trust, but voting control with respect to Fox Corp. and News Corp will rest solely with Lachlan Murdoch. Rupert Murdoch, 94, will continue in his role as chairman emeritus of both companies. The boards of both Fox Corp. and News Corp endorsed the resolution."
An agreement restructures the Murdoch family trust, transferring voting control of Fox Corp. and News Corp to Lachlan Murdoch while creating new trusts for Prudence, Elisabeth and James. Those three will receive substantial cash payouts for their shares, step away from company roles, and be barred from acquiring additional shares. The new trust expires in 2050 and includes Rupert Murdoch’s youngest children, Chloe and Grace, but grants sole voting control to Lachlan. Rupert, 94, remains chairman emeritus and both companies' boards endorsed the resolution. The agreement resolves a protracted family court battle over control of the companies.
Read at Axios
Unable to calculate read time
Collection
[
|
...
]