Murdochs Reach Deal in Succession Battle Over Media Empire
A years-long succession battle within Rupert Murdoch's conservative media empire has finally come to an end, with his son Lachlan set to control the news group after 94-year-old Rupert's death. According to a family announcement on Monday, Lachlan will take over a new trust, ensuring the ongoing conservative leaning of Fox News, The Wall Street Journal, and The New York Post.
The deal marks a significant shift in the power dynamics within the Murdoch family, with siblings Prue MacLeod, Elizabeth Murdoch, and James Murdoch ceasing to be beneficiaries of any trust with shares in Fox or News Corp. This move follows years of tension between Rupert Murdoch and three of his children over the future of the family-owned newspaper empire.
The succession battle has been a long-standing issue within the Murdoch family, with Lachlan and his siblings Prue, Elizabeth, and James having differing visions for the future of the media group. According to sources close to the family, the tension between Rupert and his children had been building for years, with some family members seeking greater control over the company's direction.
The deal announced on Monday is seen as a compromise between Lachlan and his siblings, who will no longer be beneficiaries of any trust with shares in Fox or News Corp. This move is expected to ensure the continued conservative leaning of the media group's flagship news outlets.
Rupert Murdoch has been at the helm of the family-owned newspaper empire for decades, building a vast media conglomerate through strategic acquisitions and investments. His son Lachlan has long been seen as the heir apparent, but his siblings had also been vying for control over the company.
According to an expert in media law, "The deal announced on Monday is a significant development in the Murdoch family's succession battle. It ensures that Lachlan will take over the reins of the company after Rupert's death, maintaining the conservative leaning of Fox News and other key outlets."
In a statement released by the Murdoch family, they said: "We are pleased to announce that we have reached an agreement on the future leadership of our media group. This deal ensures the continued success and growth of our companies, while also providing for the long-term stability of the business."
The deal is expected to be finalized in the coming weeks, with Lachlan set to take over as the new trust's controlling figurehead. The move marks a significant shift in the power dynamics within the Murdoch family, but it remains to be seen how this will impact the company's direction and future growth.
As the Murdoch family continues to navigate the complexities of their succession battle, one thing is clear: Lachlan's control over the new trust will ensure that the conservative leaning of Fox News and other key outlets remains intact.
This story was compiled from reports by BBC World and BBC Business.
