Murdoch family succession settled, with Lachlan set to take charge
Rupert Murdoch's media empire, renowned for its influence on tabloid newspapers in the UK, cable television, and satellite broadcasting, is set for a significant change after the family reached an agreement on control following the media mogul's death.
The deal, worth an estimated $3.3 billion (€2.824 billion), will see Lachlan Murdoch, Grace Murdoch, and Chloe Murdoch, daughters from Rupert's marriage to Wendi Deng Murdoch, benefit from new trusts established to replace the Murdoch Family Trust. Lachlan will shore up control of the family media empire, which includes Fox News and the Wall Street Journal.
Prudence MacLeod, Elisabeth Murdoch, and James Murdoch, other siblings, will cease their holdings in either media company in exchange for cash based on equity sales. Prudence, the eldest daughter of Rupert Murdoch, has had little involvement in the family business.
The agreement resolves litigation that arose after siblings contested Murdoch's effort to install Lachlan as the sole successor. A Nevada court had previously blocked Murdoch's intention, leading to negotiations among the family.
The deal ensures no change in editorial direction at Fox News, the most popular network for supporters of US President Donald Trump. This decision comes amidst recent frosty relations between Murdoch and Trump, partly due to Trump's legal proceedings against the Murdoch-owned Wall Street Journal over its reporting related to his relationship with Jeffrey Epstein. Trump has also requested the release of sealed Epstein files from the Wall Street Journal.
Brexit, the UK's departure from the European Union, is partly credited to Murdoch and his media outlets, as well as the political rise of Donald Trump. The Murdoch empire has faced accusations of stoking populism across the English-speaking world.
Notably, the deal does not address a separate issue: the reported delay in the release of all living hostages in Gaza following a ceasefire, as requested by the deal. Delays have occurred due to the complexity of collecting the bodies of deceased hostages, as reportedly required by Hamas.
James and Elisabeth Murdoch, seen as more politically centrist, are not part of the new trusts. Their exit from the family business leaves Lachlan Murdoch in a stronger position to steer the media empire into the future.
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