The Murdoch family has finally landed on a resolution to a messy, multiyear succession fight over control of its sizable media empire.
Under a new blockbuster deal, Lachlan Murdoch, the son of Rupert Murdoch, will retain oversight of outlets including Fox News, The New York Post and The Wall Street Journal, maintaining their conservative bent.
The agreement, valued at roughly $3.3 billion, according to a New York Times report, caps off a bitter round of legal infighting among Rupert and Lachlan Murdoch and his siblings over the future direction of the company.
Last winter, Rupert and Lachlan Murdoch failed to alter an irrevocable trust in a bid to dilute other family members’ stakes in the Murdoch media assets, spurring the father and son to seek a buyout.
Lachlan Murdoch has long been his father’s chosen successor, given his commitment to espousing the same right-wing ideology that has become synonymous with outlets like Fox News.
