"The family announced a settlement over control of the trust that holds its stakes in Fox Corp and News Corp to cement Lachlan Murdoch's control of his father's assets when Rupert Murdoch dies. Three of his siblings, James, Elisabeth, and Prudence, have been sidelined in exchange for billion-dollar payouts. James Murdoch, in particular, has been outspoken about his opposition to Fox News' programming."
"The dispute has been fought largely behind closed doors in a Nevada court, after Rupert Murdoch announced in September 2023 that he would step down from his roles at Fox Corporation and News Corp. In a memo to employees, Murdoch said he will hand the reins to his son, Lachlan, who will take over as sole chairman of both companies."
"In 2024, a judge ruled that Rupert and Lachlan had acted in "bad faith" in their bid to rewrite the trust. Going forward, Lachlan and two younger sisters, Grace and Chloe, will have shares in a new trust that will have controlling stakes in both Fox Corp and News Corp. Only Lachlan will have voting power. Lachlan, 51, was born in London in 1971. He was raised in New York with his older sister Elisabeth and younger brother James."
A settlement resolved control of the trust holding stakes in Fox Corp and News Corp, cementing Lachlan Murdoch's control of his father's assets upon Rupert Murdoch's death. Three siblings — James, Elisabeth, and Prudence — were sidelined and received billion-dollar payouts, and James has opposed Fox News' programming. The dispute was litigated largely behind closed doors in a Nevada court after Rupert Murdoch announced in September 2023 that he would step down. A 2024 judge found Rupert and Lachlan acted in "bad faith" in trying to rewrite the trust. A new trust will include shares for Lachlan and sisters Grace and Chloe, with only Lachlan holding voting power.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]