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The Murdoch family has reached an agreement over who will inherit tycoon Rupert Murdoch's media empire after his death.
And based on this agreement, his "chosen" son, Lachlan, will continue his "conservative voice in the English-speaking world" after his death.
After a legal battle over the inheritance, the family announced a deal that will determine the future of the powerful media empire. Lachlan Murdoch secured leadership for decades to come, buying out the shares of his three older siblings, Prue, Liz and James, for $1.1 billion each.
This comes after years of tension between the media mogul and his three children over the future of the family's newspapers and television networks, including Fox News, the Wall Street Journal and the New York Post.
The Murdoch family's internal turmoil served as inspiration for the hit TV drama "Succession," and the settlement announced Monday, the finale of the true story, ends all legal battles over the family trust.
Lachlan's older siblings, who are more politically moderate, will sell their shares in Fox and News Corp in the coming months. They will also be named as beneficiaries of a new fund, which will receive cash from the sale of about 14.2 million News Corp shares and 16.9 million Fox Corp shares.
Selling their shares would add to the three brothers' existing legacy but would prevent them from having any influence over the political leanings of the family media group. James has distanced himself from his family's business in recent years, citing disagreements over editorial content.
Lachlan is currently chairman of News Corp, which includes the Wall Street Journal and the Times among its publications. He is widely considered the most politically conservative of Rupert's older children.
Matthew Ricketson, a communications professor at Deakin University in Melbourne, said the “bitter” legal battle was about “family control” of a vast empire that Rupert had always described as a “family business.” “It seems he has destroyed his family in the process,” he told the BBC’s Today show.
"The matter has now been resolved, but you can't see everyone being very happy about it and the bitter irony is that Rupert Murdoch has always said he built this business, it's a family business, he wants his family to take it over when he eventually dies.
"The leadership, vision and management of the company's chairman, Lachlan Murdoch, will continue to be important in guiding the company's strategy and success," News Corp said in a statement.
Of Rupert's six children, the four eldest are embroiled in a legal battle over the future of the company. His younger children from his marriage to Wendi Deng Murdoch, Chloe and Grace, are also listed as beneficiaries in the new family trust.
Lachlan has run the media empire since Rupert stepped down in September 2023, although Murdoch Sr. remained as chairman emeritus of both Fox Corporation and News Corp.
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