Murdoch family resolves messy succession battle with new family trust
Summary
News Corp and Fox Corp announced that the Murdoch family settled a dispute about who will control the companies. This was done by creating a new family trust, which gives Lachlan Murdoch control. The older siblings will receive cash payments and step down from their roles.Key Facts
- The Murdoch family created a new trust to resolve a conflict over company control.
- Lachlan Murdoch will have control of News Corp and Fox Corp.
- Three of Rupert Murdoch's older children, Prudence, Elisabeth, and James, will receive cash for their shares and leave their roles.
- The older siblings will be beneficiaries of new trusts funded by selling about 31 million Class B shares.
- Chloe and Grace Murdoch are included in the new trust but do not have voting control.
- Rupert Murdoch remains as chairman emeritus of both companies.
- The boards of both Fox Corp and News Corp approved the agreement.
- The new trust is set to expire in 2050, and the family's voting shares are slightly reduced.
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