"Under the settlement, Lachlan, who is widely viewed as more aligned with his father's conservative views than his siblings, and his two younger sisters, Grace and Chloe, will be beneficiaries of a new family trust that has a controlling stake in Fox Corporation and News Corp. The deal stipulates that the trust will be in place until 2050. Voting rights will rest solely with Lachlan, 54,"
"Lachlan's three oldest siblings, James, Elizabeth and Prudence, will relinquish their stakes in an existing family trust, receiving an equal split of the equity sales. Under the deal, the three elder siblings will be subject to a long-term standstill agreement barring them from acquiring shares of News Corp and Fox Corporation and taking certain other actions with respect to the companies. US media estimated the payout for the three siblings at about $3.3bn."
A legal settlement resolves the family succession battle by placing a new family trust with a controlling stake in Fox Corporation and News Corp. Lachlan Murdoch will hold sole voting rights and lead the companies, while his younger sisters Grace and Chloe will be beneficiaries. The trust will remain in place until 2050. Three older siblings—James, Elizabeth and Prudence—will relinquish their stakes, receive equal proceeds from equity sales, and be subject to a long-term standstill preventing share acquisitions and other actions. U.S. media estimated the payout for the three siblings at about $3.3 billion. News Corp's board endorsed Lachlan's leadership.
Read at www.aljazeera.com
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