The Murdoch family has reached a deal that will see Rupert Murdoch¡¯s politically conservative eldest son, Lachlan, 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 highest-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, Murdoch¡¯s children ¡ª James Murdoch, Elisabeth Murdoch and Prudence MacLeod ¡ª will receive cash from the sale of about 16.9 million shares of Fox Class B voting stock and about 14.2 million shares of News Corp.¡¯s Class B common stock. The amount of the payment was not disclosed.
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