Rupert Murdoch’s family has finalized an agreement regarding the control of the 94-year-old media mogul’s expansive empire following his death. This arrangement aims to maintain the current direction of Fox News, a significant platform for President Donald Trump and the conservative audience in the United States. The deal involves the establishment of a trust that will oversee Fox Corp., with Lachlan Murdoch, Rupert’s designated heir and current head of Fox, along with his two younger sisters, Grace and Chloe, at the helm.
In the agreement, Lachlan Murdoch's three older siblings—Prudence MacLeod, Elisabeth Murdoch, and James Murdoch—have relinquished their claims to control Fox in exchange for stock currently valued at $3.3 billion. This development was first reported by The New York Times, shedding light on the complex dynamics within the Murdoch family. Furthermore, the new trust is set to remain in place until 2050, ensuring Lachlan's rise as the principal decision-maker in the media empire.
This resolution marks an end to a drawn-out family conflict reminiscent of HBO's "Succession," with significant financial implications and effects on U.S. politics. Over the summer, Fox News consistently led television news ratings and became a favored platform for Trump and his aides to disseminate information. The roots of the dispute began when Rupert and Lachlan sought to amend an existing trust that granted equal authority to Rupert's four eldest children regarding his media holdings upon his passing.
Concerns arose that Prudence, Elisabeth, and James, who do not share their father's conservative views, could alter the trajectory of Fox posthumously, potentially pushing Lachlan out of leadership. The three siblings initiated a legal battle to prevent these changes, succeeding in an initial ruling from a Nevada probate court. The Nevada probate commissioner, Edmund J. Gordon Jr., highlighted that the effort to usurp control appeared to be a “carefully crafted charade” aimed at consolidating Lachlan’s power.
As the appeals process stretched on with an uncertain outcome, Rupert Murdoch's family representatives convened to negotiate a deal that would end the familial discord and prevent further division. This resolution was publicly announced late Monday. As part of the agreement, Lachlan’s older siblings have six months to divest any personal shares they hold in Fox and have committed to a long-term prohibition on acquiring shares of Fox and News Corp, as well as engaging in any company-related actions.
This strategic initiative to consolidate Lachlan’s control was dubbed “Project Family Harmony,” which reportedly labeled James Murdoch as the “troublesome beneficiary” in sealed court documents obtained by the Times. The case attracted a multitude of legal professionals, including notable figures such as former Attorney General William Barr, underscoring the high stakes involved in the Murdoch family’s dealings.
