Family announces Rupert Murdoch’s eldest son, Lachlan Murdoch, will secure control of business
The succession battle at Rupert Murdoch’s media empire has ended.
The family announced on Monday that Lachlan Murdoch, Murdoch’s eldest son, will secure control of the Murdoch’s sprawling media empire, that includes Fox News, The Wall Street Journal and The Times in the UK, with his three oldest siblings receive $1.1bn each for their shares in the business.
The deal ends a sometimes bitter legal battle between Murdoch’s oldest children for control of their 94-year-old father’s business. It also conserves the media company’s conservative bent; Lachlan Murdoch is regarded as the most conservative of Murdoch’s oldest children.
Under the agreement, Prudence MacLeod, Elisabeth Murdoch and James Murdoch will be the beneficiaries of a trust that will house the proceeds of the sale.
