"As part of the deal, the companies said on Monday that the children would receive cash from the sale of about 16.9 million shares of Fox Corp FOXA.O Class B voting stock and about 14.2 million shares of News Corp NWSA.O Class B common stock. The sale, priced at a roughly 4.5pc discount to the last closing price of both companies, raised around $1.37 billion."
"A new family trust will be created to benefit Lachlan Murdoch, and his younger siblings Grace and Chloe Murdoch, who are Rupert's children from his marriage to Wendi Deng Murdoch. This trust, worth about $3.3 billion according to the source, will hold 36pc of Fox's Class B common stock and 33pc of News Corp's Class B shares, the companies' statements said."
"The agreement, announced on Monday, ends a family brawl over who will control one of the most high-profile global media groups and puts to rest questions of succession within the Murdoch family after its patriarch's death. The drama is considered to be one of the inspirations for the television series "Succession," about the infighting of the members of a media dynasty. Its real-life resolution preserves the conservative tilt of Murdoch's media outlets."
The agreement ends a family brawl over control of a global media group and resolves succession questions after Rupert Murdoch's death. James, Elisabeth and Prudence will each receive about $1.1 billion by selling personal holdings in Fox and News Corp over six months. The sale comprised about 16.9 million Fox Class B shares and about 14.2 million News Corp Class B shares, raising around $1.37 billion at roughly a 4.5% discount. A new family trust worth about $3.3 billion will benefit Lachlan, Grace and Chloe and hold 36% of Fox's Class B stock and 33% of News Corp's Class B shares.
Read at Irish Independent
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