"Rupert Murdoch's decades-long, high-stakes battle over the future of his media empire has ended with a sweeping settlement, transferring control of Fox News and The Wall Street Journal to his eldest son, Lachlan Murdoch, while other heirs exit a family trust that controlled the outlets in exchange for huge payouts. The multibillion-dollar deal brings an end to legal conflicts that captured global attention and cements a clear future for the companies at the center of American and international news."
"The settlement restructures the Murdoch Family Trust, a so-called irrevocable trust at the center of the litigation that pitted Rupert and Lachlan on one side and other children of Rupert's, Prudence MacLeod, Elisabeth Murdoch and James Murdoch, on the other. The legal dispute arose when Rupert went to court to attempt to change the trust, moving from a structure of equal voting shares held by the four siblings into one with control held by Lachlan."
"Under the settlement, voting control for the trust's stakes will rest with Lachlan, who will remain chairman and CEO of Fox Corporation and will assume the managing director role for a newly created entity. Rupert, now 94, will continue in a figurehead capacity as chairman emeritus of the companies, maintaining ceremonial leadership but no direct voting control. According to a News Corp. statement, MacLeod, Elisabeth Murdoch and James Murdoch will exit as beneficiaries of any trust holding shares in the core public companies."
Rupert Murdoch attempted to change an irrevocable family trust to prevent his more liberal children from gaining majority control of Fox News and The Wall Street Journal. A multibillion-dollar settlement grants voting control and leadership of the outlets to Lachlan Murdoch. Lachlan will remain chairman and CEO of Fox Corporation and take a managing director role in a newly created entity. Rupert, age 94, will serve as chairman emeritus with ceremonial authority but no voting control. Prudence MacLeod, Elisabeth Murdoch and James Murdoch will exit the trust and receive substantial cash consideration, partly funded by proceeds from the sale of approximately 16.9 million Fox Corporation Class B shares.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]