"Lachlan Murdoch has secured control of the media empire his father, Rupert Murdoch, built in a $3.3 billion deal on Monday that ends years of squabbling over who will lead outlets like Fox News, The Wall Street Journal, and the New York Post following the mogul's death. The New York Times reported the deal terms include Lachlan Murdoch's three oldest siblings Prue, Liz, and James receiving $1.1 billion each for their slice of the Murdoch empire."
"As a result, the current family trust, which was set up in 1999, will be dissolved. Most importantly for the 94-year-old Rupert Murdoch, the deal will make sure the media companies he spearheaded retain the conservative slant they are known for under Lachlan Murdoch's stewardship. Here is the key section from the News Corp. press release on the matter on Monday:"
Lachlan Murdoch secured control of the media empire in a $3.3 billion deal that resolves years of family disputes over leadership of outlets such as Fox News, The Wall Street Journal, and the New York Post following Rupert Murdoch's death. The deal pays Lachlan's three oldest siblings—Prue, Liz, and James—$1.1 billion each and dissolves the family trust established in 1999. Voting control of the News Corp and Fox Corporation shares owned by LGC Holdco will rest solely with Lachlan through his appointed managing director. Rupert Murdoch will remain Chairman Emeritus. The agreement preserves the companies' conservative editorial slant. A prior bid to change the irrevocable family trust was rejected by a Nevada judge last December, and negotiations intensified after that filing.
Read at www.mediaite.com
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