Deal cements the eldest son’s control of the Murdoch media empire, while three siblings could each receive US$1.1 billion in proceeds
The Murdoch family has reached a deal that will see Rupert Murdoch’s politically conservative eldest son Lachlan Murdoch cement control of the family media empire that includes Fox News and the Wall Street Journal.
The agreement, announced on Monday, ends a family brawl over who will control one of the most high-profile global media groups and puts to rest questions of succession within the Murdoch family after its patriarch’s death.
The drama is considered to be one of the inspirations for the television series Succession, about the infighting of the members of a media dynasty. Its real-life resolution preserves the conservative tilt of Murdoch’s media outlets.
Under the deal, Rupert’s children James Murdoch, Elisabeth Murdoch and Prudence MacLeod are each expected to receive about US$1.1 billion in proceeds, according to a source.
