The Murdoch family has reached a deal that will see Rupert Murdoch’s politically conservative eldest son Lachlan Murdoch cement control of the family media empire that includes Fox News and the Wall Street Journal.
Advertisement
The agreement, announced on Monday, ends a family brawl over who will control one of the most high-profile global media groups and puts to rest questions of succession within the Murdoch family after its patriarch’s death.
The drama is considered to be one of the inspirations for the television series Succession, about the infighting of the members of a media dynasty. Its real-life resolution preserves the conservative tilt of Murdoch’s media outlets.
Under the deal, Rupert’s children James Murdoch, Elisabeth Murdoch and Prudence MacLeod are each expected to receive about US$1.1 billion in proceeds, according to a source.
They agreed to sell their personal holdings in Fox and News Corp over a period of six months, according to the announcement.
Advertisement
As part of the deal, the companies said on Monday that the children would receive cash from the sale of about 16.9 million shares of Fox Corp Class B voting stock and about 14.2 million shares of News Corp Class B common stock. The sale, priced at a roughly 4.5 per cent discount to the last closing price of both companies, raised around US$1.37 billion.