"The family of media mogul Rupert Murdoch has reached a deal on control of the 94-year-old's empire after his death, ensuring no change in editorial direction at Fox News, the most popular network for US President Donald Trump. The arrangement, announced by News Corp and Fox Corp on Monday, will see Murdoch's eldest son Lachlan Murdoch shore up control of the family media empire which includes Fox News and the Wall Street Journal."
"The deal resolves litigation after siblings had contested Murdoch's effort to install his son Lachlan, who shares his father's political orientation, as sole successor, breaking away from an agreement that involved control being divided among the four siblings. A Nevada court had blocked the 94-year-old's intention, paving the way for negotiations among the family. The new agreement establishes a trust to replace the Murdoch Family Trust that had included Lachlan and the three other Murdoch siblings."
"Under the agreement, Prudence MacLeod, Elisabeth Murdoch and James Murdoch will cease holdings in either media company in exchange for cash based on equity sales. US media reported the value of the settlement would be $3.3 billion (2.824 billion), to be split equally among the three siblings. "New trusts will be established for the benefit of Lachlan Murdoch, Grace Murdoch and Chloe Murdoch," said a press release from Fox and News Corp, referring to Rupert's two younger daughters from his marriage to Wendi Deng Murdoch."
News Corp and Fox Corp reached an agreement that consolidates control of the Murdoch media empire with Lachlan Murdoch, while resolving sibling litigation. The settlement follows a Nevada court injunction that had blocked Rupert Murdoch's attempt to name Lachlan sole successor and replaces the Murdoch Family Trust with a new trust structure. Prudence MacLeod, Elisabeth Murdoch and James Murdoch will relinquish holdings in exchange for cash from equity sales, reported at about $3.3 billion to be split equally. New trusts will benefit Lachlan, Grace and Chloe Murdoch. Prudence has had limited involvement; James and Elisabeth are viewed as more centrist. The arrangement preserves the existing editorial direction at Fox News and continues the Murdoch empire's influence across tabloids, cable and satellite broadcasting.
Read at www.dw.com
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