Murdoch family resolves succession fight, settling dispute on control of media assets

Rupert Murdoch's children settled a legal dispute over control of News Corp and Fox Corp. Photo / Getty Images

Rupert Murdoch’s children have reached a settlement in the legal dispute over control of the right-wing media mogul’s companies, News Corp and Fox Corp announced on Monday (Tuesday NZ time).

The agreement resolves litigation after some siblings had contested Murdoch’s effort to install as successor his son Lachlan, who shares his father’s political orientation.

But a Nevada court had blocked the 94-year-old’s effort.

The new deal establishes a trust to replace the Murdoch Family Trust that had included all the siblings and half-siblings.

Under the agreement, Prudence MacLeod, Elisabeth Murdoch and James Murdoch will receive cash based on equity sales and cease to have holdings in either media company.

The eldest daughter, Prudence, has had little involvement in the family business, but children James and Elisabeth are known as more politically centrist.

Friction over the future of the holdings – a stable that includes Fox News, The Wall Street Journal and a host of British and Australian media – had been the inspiration for the hit TV series Succession.

“New trusts will be established for the benefit of Lachlan Murdoch, Grace Murdoch and Chloe Murdoch,” said a press release that identified Rupert and his two half-sisters as “remaining beneficiary trusts”.

Meanwhile, “the departing beneficiaries” will “cease to be beneficiaries in any trust holding shares in News Corp or Fox Corporation”.

-Agence France-Presse