The family of media mogul News Corp founder Rupert Murdoch has reached a deal yielding control of his media conglomerate’s assets to his son, Lachlan Murdoch.
Rupert has six children from three marriages.
The deal establishes separate trusts for Lachlan’s siblings, Prudence MacLeod, Elisabeth Murdoch, and James Murdoch, who are from Rupert’s first two marriages. The deal will result in these three of Lachlan’s siblings ceasing to be beneficiaries in any trust holding shares in Fox or News Corporation, which owns Fox News, The Wall Street Journal, and The New York Post. The family initially shared voting rights through the Murdoch Family Trust.
With the new arrangement, Prudence, Elisabeth, and James are expected to receive cash consideration for millions of shares of stock from both Fox and News Corporation. Over a six-month period, they are expected to sell their holdings so that they will have neither direct nor indirect interest in FOX or News Corporation.
The remaining shares from the Murdoch Family Trust will be transferred to a new company called LGC Holdco, which is owned by trusts that benefit Lachlan and his two half-sisters, Grace and Chloe, who are from Rupert’s third marriage to Wendi Deng.
According to News Corp, Lachlan is expected to have sole voting control over the shares held by LGC Holdco. The company said that Prudence, James, and Elisabeth are subject to a long-term agreement preventing them from acquiring shares of Fox and News Corporation.
“FOX’s board of directors welcomes these developments and believes that the leadership, vision and management by the Company’s CEO and Executive Chair, Lachlan Murdoch, will continue to be important to guiding the Company’s strategy and success,” the press release read.
Rupert Murdoch announced in 2023 that he would be stepping down from his roles as chairman of News Corporation and Fox Corporation. The 94-year-old businessman currently serves as chairman emeritus of each.
