The Murdoch family reached a deal that will see Rupert Murdoch’s politically conservative son Lachlan Murdoch cement control of the family media empire which includes Fox News and the Wall Street Journal.
The deal ends a battle over who will control one of the highest profile global media groups.
The family will create a separate trust for Rupert’s children James Murdoch, Elizabeth Murdoch and Prudence MacLeod, who will sell their personal holdings in Fox and News Corp over a period of six months.
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Fox Corp FOXA.O said on Monday (September 8) that it has reached a mutual resolution on the legal proceedings related to the Murdoch Family Trust, resulting in the termination of all litigation.
A new family trust will be established to benefit Lachlan Murdoch, Grace Murdoch and Chloe Murdoch.
The Murdoch children will be beneficiaries of a new trust, which will receive cash from the sale of about 16.9 million shares of Fox Class B 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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