The long-running battle for control of Rupert Murdoch’s media empire has finally come to an end. The family announced that Lachlan Murdoch, Rupert’s eldest son, will take charge of the global media conglomerate, which includes Fox News, The Wall Street Journal, The Times of London, and The New York Post, according to The Guardian.
As part of the agreement, Lachlan’s three siblings: Prudence MacLeod, Elisabeth Murdoch, and James Murdoch will each receive about 1.1 billion dollars for their shares, Bloomberg reported. They will not, however, benefit from the trust that controls Fox Corp and News Corp. This settlement ends a years-long legal battle among Rupert Murdoch’s children and secures Lachlan’s position as the head of the empire.
The end of a succession battle
The Murdoch family’s internal struggles for control have often been compared to the hit HBO series Succession. With this latest agreement, Lachlan now holds the reins of the family’s media empire and is expected to maintain its conservative editorial stance, as he is widely regarded as the most politically conservative of Rupert Murdoch’s heirs.
Who is Lachlan Murdoch?
Lachlan Murdoch is the son of media tycoon Rupert Murdoch and Scottish journalist Anna Maria de Peyster (formerly Anna Mann), Rupert’s second wife. He has two full siblings, Elisabeth and James, and three half-sisters: Prudence (from Rupert’s first marriage), Grace, and Chloe (from his third marriage to Wendi Deng).
Born in London, Lachlan was educated at top American schools and graduated from Princeton University in 1994. In 1999, he married Sarah Murdoch, a British actor and TV host. The couple has three children. According to Forbes, the Murdoch family’s collective wealth is around $24.4 billion.
What does Lachlan Murdoch control now?
With the new trust in place, Lachlan will have sole voting control over the Murdoch family’s shares in Fox Corporation and News Corp until 2050.
Fox Corporation includes Fox News Media, Fox Entertainment, Fox Sports, local affiliate contracts, and streaming service Tubi Media Group. For the fiscal year ending June 30, Fox Corp reported revenues of 16 billion dollars and a net income of $2.29 billion.
News Corp comprises The Wall Street Journal, Dow Jones Newswires, HarperCollins, New York Post, Realtor.com, The Times, The Sunday Times, The Sun, as well as The Australian and other newspapers in Australia. Its revenue for the same fiscal year was nearly 8.5 billion dollars, with a net income of 648 million dollars.
Why does Rupert Murdoch believe Lachlan is best suited to lead the empire?
Lachlan is seen as a conservative-leaning media owner, aligning with the Republican Party and right-wing politics. As executive chairman and CEO of Fox Corporation, he has defended Fox News’ role as a conservative outlet.
Rupert Murdoch reportedly believes Lachlan is best suited to lead the empire and proposed a trust that prevents interference from his more politically moderate siblings, according to The New York Times. With Lachlan at the helm, the Murdoch media empire is expected to maintain its long-standing conservative voice.
With Lachlan now firmly in control, Fox News and News Corp are set to continue their conservative influence, while his siblings cash out with significant payouts.
This resolution marks the end of decades of family rivalry, legal battles, and speculation over the future of one of the world’s most influential media groups.
