Rupert Murdoch's son Lachlan Murdoch walks on the day of the hearing on the contentious matter of succession of Rupert Murdoch's global television and publishing empire, in Reno, Nevada, U.S. September 23, 2024. (Reuters File)
Share
|
Getting your Trinity Audio player ready...
|
The Murdoch family reached a deal that will see Rupert Murdoch’s politically conservative son Lachlan Murdoch cement control of the family media empire which includes Fox News and the Wall Street Journal.
The deal ends a battle over who will control one of the highest profile global media groups.
The family will create a separate trust for Rupert’s children James Murdoch, Elizabeth Murdoch and Prudence MacLeod, who will sell their personal holdings in Fox and News Corp over a period of six months.
Fox Corp said on Monday that it has reached a mutual resolution on the legal proceedings related to the Murdoch Family Trust, resulting in the termination of all litigation.
A new family trust will be established to benefit Lachlan Murdoch, Grace Murdoch and Chloe Murdoch.
The Murdoch children will be beneficiaries of a new trust, which will receive cash from the sale of about 16.9 million shares of Fox Class B stock and about 14.2 million shares of News Corp’s Class B common stock. The amount of the payment was not disclosed.
—
(Reporting by Dawn Chmielewski in Los Angeles and Juby Babu in Mexico City; Editing by Alan Barona and Franklin Paul)
RELATED TOPICS:
Categories
49ers Backup QB May Start in Week 2 at New Orleans
