Rupert Murdoch seals deal passing control of media empire to eldest son
Summary
Rupert Murdoch's family has agreed to give control of his media empire, including Fox News and The Wall Street Journal, to his eldest son, Lachlan Murdoch. Lachlan will have voting rights and be part of a new family trust with his two younger sisters, while three other siblings will receive a financial payout to relinquish their stakes. This decision ends a long-running family dispute over who will lead Murdoch's media companies.Key Facts
- Rupert Murdoch's media empire includes Fox News, The Wall Street Journal, and other major outlets.
- Lachlan Murdoch will take control of these media companies.
- Lachlan will have sole voting rights and be part of a new family trust.
- His two younger sisters, Grace and Chloe, are also part of the trust.
- Three other siblings, James, Elizabeth, and Prudence, will give up their stakes.
- These siblings will receive a payout estimated at about $3.3 billion.
- The agreement stops James, Elizabeth, and Prudence from buying more shares in the companies.
- This agreement ends a legal fight over the family's media assets.
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