The Murdoch family settled a long-running dispute that will leave Lachlan Murdoch in control of voting shares that govern both News Corp. and Fox Corp. while buying interest in the company from founder Rupert Murdoch’s other children who had challenged their father’s ability to restructure his heirs’ oversight of both corporations.
Fox Corp. and News Corp. both said Monday that the family had terminated all litigation tied to the elder Murdoch’s efforts to assign control of the family’s shares to Lachlan, who currently oversees both corporations. Prudence MacLeod, Elisabeth Murdoch and James Murdoch, Rupert’s children who challenged his maneuvers, will cease to be beneficiaries in any of the family’s holding trusts in the conglomerates.
The maneuvers would appear to cement Rupert Murdoch’s desire to maintain the conservative leanings of his media empire, particularly at Fox News, which has become the economic linchpin of Fox Corp. James Murdoch and Elisabeth Murdoch have been known to hold different political views than Lachlan, with James notably contributing to causes that are not in keeping with the opinions espoused on the cable network.
Murdoch had filed a bid to amend at irrevocable family trust that ensured four of his children — Lachlan, James, Prudence and Elisabeth — had equal say in governing how Fox Corp. and News Corp. are run. However, a probate court commissioner in Nevada, where the matter was adjudicated, rebuked the effort, after which Rupert Murdoch had signaled an intent to appeal.
From Variety US