Rupert Murdoch’s oldest son Lachlan will inherit control of the family’s media empire.
The media mogul had previously attempted to amend a legally binding trust to name Lachlan as his only successor last year.
Following a court battle, Murdoch’s children have reached a “mutual resolution,” establishing a new trust that leaves Lachlan with complete control of the family’s media properties, including Fox, News Corp, and the Wall Street Journal.
The Murdoch family
Rupert Murdoch started in media in the 1950s, when he inherited his father’s newspaper business in Adelaide.
He owns several American, Australian and UK publications and TV networks. Forbes estimates his net worth is
$AU36 billion.
Rupert has six children from five marriages.
Lachlan is his oldest son, born to his second wife, Anna.
Lachlan was named CEO of Fox in 2019 and chair of News Corp in 2023.
Legal battle
Until now, the Murdochs have had a legally binding trust. On Rupert’s death, it would have granted control of his companies to his four oldest children: Prudence, Lachlan, Elisabeth, and James.
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Late last year, Rupert and Lachlan tried to overturn the trust, but were denied by a court in the U.S. state of Nevada.
Commissioner Edmund Gorman described the attempt to change the trust as a “carefully crafted charade… regardless of the impacts on the company or the other children.”
Succession
Under the new agreement, the Murdoch family trust will be divided.
Lachlan will be listed under a new trust alongside Grace and Chloe, Rupert’s children with his third wife, Wendi Deng.
Rupert’s remaining children have been removed from the existing trust and will “cease to be beneficiaries” of any trusts involving News Corp or Fox shares.
A separate trust will be established for Prudence, Elisabeth, and James, holding the proceeds of the sales of their shares in News Corp and Fox.
Six months later, they will be required to sell any remaining shares and will then no longer hold control, “directly or indirectly,” over either company.
Lachlan Murdoch will be the only one of Rupert’s children able to vote on board decisions across both companies.
