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Lachlan Murdoch on Monday secured control of his family’s sprawling multibillion-dollar media empire, which includes Fox News, The Wall Street Journal and the New York Post. News Corps’ announcement brings to a conclusion a highly publicized family feud that was in part the inspiration for the HBO television show “Succession.”
The drama surrounding the future of the family business began when its patriarch, Rupert Murdoch, tried to change the terms of a trust that held significant stock in his companies in order to give Lachlan sole control. Three of his other children — Prudence MacLeod, Elisabeth and James — sued to prevent the alteration, but eventually the family resolved the dispute at the negotiating table.
The appointment of Lachlan, who is already the chair of News Corp, parent company of Dow Jones (which owns The Wall Street Journal) and publisher Harper Collins, ensures the news brands will retain their conservative editorial slant. The other siblings are more politically moderate; James, for one, has been outspoken against Donald Trump.
Lachlan’s three siblings will each receive $1.1 billion for their shares. A new trust will be established to benefit Lachlan and Murdoch’s youngest children from his third marriage, Chloe and Grace, although Lachlan will retain voting control.