Historic Settlement Reshapes Fox Corporation’s Future as Lachlan Murdoch Secures Control

Major Transition in Media Leadership

The Murdoch family has reached a landmark deal that positions Lachlan Murdoch to cement control of their global media empire, including Fox News and the Wall Street Journal. This agreement, announced on Monday, resolves family succession questions and ends internal disputes over control of one of the world’s most influential media groups.

Financial Details of the Settlement

Under the terms of the agreement, James Murdoch, Elisabeth Murdoch, and Prudence MacLeod will each receive approximately $1.1 billion in proceeds. They have agreed to sell their personal holdings in Fox and News Corp over six months, including about 16.9 million shares of Fox Corp Class B voting stock and roughly 14.2 million shares of News Corp Class B common stock.

Corporate Structure and Leadership Changes

New trusts will be established for the benefit of Lachlan Murdoch, Grace Murdoch, and Chloe Murdoch, while the departing beneficiaries will cease to have any involvement in trusts holding shares in FOX or News Corporation. Following these transactions, voting control of FOX and News Corporation shares will rest solely with Lachlan Murdoch through his appointed managing director until 2050.

Future Direction and Business Impact

Fox News continues to maintain its position as the leading U.S. cable news network, with significant influence in U.S. politics, particularly among Republican viewers. The corporation produces and distributes content through its primary iconic domestic brands, including FOX News Media, FOX Sports, Tubi Media Group, FOX Entertainment and FOX Television Stations. These brands maintain substantial cultural significance with consumers and commercial importance for distributors and advertisers.

The Fox Corporation board has expressed confidence that Lachlan Murdoch’s leadership, vision, and management will be crucial in guiding the company’s future strategy and success.