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Murdoch family puts an end to succession battle after announcing agreement on news group's future

The older brothers, who are considered the most politically moderate, will sell their stakes in News Corp and Fox News in the coming months.

Rupert Murdoch, owner of The Wall Street Journal

Rupert Murdoch, owner of The Wall Street JournalJordan Strauss/Invision/AP/Cordon Press.

Published by
Luis Francisco Orozco

The succession battle for Rupert Murdoch's media empire came to an end Monday, after the family announced that his son Lachlan would be chosen to take control of the news group, which includes major conservative-leaning media outlets such as The New York Post, The Wall Street Journal and Fox News. According to the Murdoch family, Lachlan will be in charge of controlling a new trust, while his siblings James Murdoch, Elizabeth Murdoch and Prue MacLeod will officially cease to be beneficiaries of any trust with shares in News Corp or Fox.

According to The Guardian, the older siblings, who are considered the most politically moderate, will sell their stakes in News Corp and Fox News in the coming months. Likewise, they will be named beneficiaries of a new trust that will receive cash from the sale of approximately 16.9 million Fox Corp shares and 14.2 million News Corp shares.

The report also mentioned that while the sale of their shares would be in addition to the inheritance they are already entitled to, it will prevent them from having any kind of influence over the political direction of the family media conglomerate, which has been characterized by a clear conservative tendency. As reported by the BBC, one person who could be inconvenienced by this fact is James Murdoch, taking into account that in recent years he has not only distanced himself from the family business, but has also had numerous disagreements with the editorial content.

News Corp statement

In a statement announcing the agreement reached by the Murdoch family, News Corp said, "We have further been informed that a term of 2050 will be established for the Remaining Beneficiary Trusts and that, following the above transactions and throughout the term, voting control with respect to the News Corp and Fox Corporation shares owned by LGC Holdco will rest solely with Lachlan Murdoch through his appointed managing director. Rupert Murdoch will continue in his role as Chairman Emeritus of the Company."

Also, the company detailed that "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."

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