The family of media mogul Rupert Murdoch has reached a deal on control of the 94-year-old’s empire after his death, ensuring no change in editorial direction at Fox News, the most popular network for President .
The arrangement, announced by News Corp and Fox Corp on Monday, will see Murdoch’s eldest son Lachlan Murdoch shore up control of the family media empire which includes Fox News and the Wall Street Journal.
What is involved in the deal and what had been the hold up?
The deal resolves litigation after siblings had contested Murdoch’s effort to install his son Lachlan, who shares his father’s political orientation, as sole successor, breaking away from an agreement that involved control being divided among the four siblings.
A Nevada court had blocked the 94-year-old’s intention, paving the way for negotiations among the family.
The new agreement establishes a trust to replace the Murdoch Family Trust that had included Lachlan and the three other Murdoch siblings.
Under the agreement, Prudence MacLeod, Elisabeth Murdoch and James Murdoch will cease holdings in either media company in exchange for cash based on equity sales.
US media reported the value of the settlement would be $3.3 billion (€2.824 billion), to be split equally among the three siblings.
Do Lachlan’s siblings share his ideals?
The eldest daughter of the -born Murdoch, Prudence, has had little involvement in the family business, but James and Elisabeth are seen as more politically centrist.
“New trusts will be established for the benefit of Lachlan Murdoch, Grace Murdoch and Chloe Murdoch,” said a press release from Fox and News Corp, referring to Rupert’s two younger daughters from his marriage to Wendi Deng Murdoch.
The Murdoch empire has transformed tabloid newspapers, particularly in the UK. Cable television and satellite broadcasting over the last few decades have also been shaped by the Murdoch empire while facing accusations of stoking populism across the English-speaking world.
— the UK’s departure from the — and the political rise of Donald Trump are credited, at least partly, to Murdoch and his media outlets.
In recent years relations between Murdoch and Trump have become more frosty.
Last month, against the Murdoch-owned Wall Street Journal over its reporting related to the US president’s relationship with the disgraced New York City financier, Jeffrey Epstein.
Edited by: Rana Taha
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