Lachlan in control of Murdoch empire as succession struggle settled
Lachlan Murdoch in charge until 2050
The battle for control of News Corp and Fox Corporation is over, with Rupert Murdoch’s eldest son Lachlan to inherit the media empire.
In an out-of-court settlement struck between the warring children of media’s most famous family, Prudence MacLeod, Elisabeth Murdoch and James Murdoch will receive more than a billion US dollars each to walk away from their father’s empire.
The drawn-out court contest has further fractured the Murdoch family, cost millions in legal fees, and led to James labelling Rupert a “misogynist” and Fox News as a “menace” to democracy in the US.
Lachlan’s leadership — now cemented until at least 2050 — means that News Corp and Fox Corporation are free to maintain their conservative positioning.
Prudence, Elisabeth and James, will receive an estimated US$1.1 billion ($1.67 billion) each for their shares in the business, as beneficiaries of a trust which will hold the proceeds of the sale. Chloe and Grace Murdoch, Rupert’s children with Wendy Deng, will join Lachlan in a new trust which will hold controlling stakes in both Fox Corporation and News Corp.
The trust with Lachlan doesn’t expire until 2050, locking in his time at the helm for the next two-and-a-half decades.
The legal fight erupted when Lachlan and Rupert made an attempt to change the family trust to ensure Prudence, Elisabeth and James could not vote together to oust Lachlan or break up the Murdoch empire following Rupert’s death. The intitial challenge to that change had been upheld by a court in Reno, and was on appeal when the settlement was struck.
In Australia, News Corp owns and runs assets including tabloid mastheads such as The Daily Telegraph, The Courier-Mail and the Herald Sun, as well as national broadsheet The Australian, and news website News.com.au. It’s also the home of magazine brands Vogue Australia, GQ Australia, Taste.com.au and Delicious. Sky News Australia also forms part of the News Corp stable.
The local operation also has an extensive podcast offering, a content marketing studio and a majority stake in real estate platform Realestate.com.au.
Lachlan Murdoch’s private investment vehicle Illyria also owns Nova Entertainment, which runs the Nova and Smooth radio and digital networks. He is the executive chair of the company.
Internationally, News Corp owns publications including The New York Post and The Wall Street Journal in the US, and The Times and The Sun in the UK. It also runs the Dow Jones data network and publisher Harper Collins.
Fox Corporation, meanwhile, has various television and multimedia platforms in the US, including Fox News and Fox Sports.
In a statement, News Corp said: “News Corp’s board of directors welcomes these developments and believes that the leadership, vision and management by the Company’s Chair, Lachlan Murdoch, will continue to be important to guiding the Company’s strategy and success.”
