NEW YORK: The Murdoch family has resolved their legal dispute regarding control over media mogul Rupert Murdoch’s corporate empire through a newly announced settlement.
News Corp and Fox Corporation jointly confirmed the resolution on Monday following prolonged litigation among the media dynasty’s heirs.
Some siblings had previously contested their 94-year-old father’s attempt to appoint his politically aligned son Lachlan as successor to the media throne.
A Nevada court had initially blocked Murdoch’s succession plan before the parties reached this new agreement.
The settlement establishes replacement trusts to supersede the original Murdoch Family Trust that included all siblings and half-siblings.
Prudence MacLeod, Elisabeth Murdoch and James Murdoch will receive cash payments based on equity sales under the agreement’s terms.
These three siblings will completely exit their ownership positions in both media companies as part of the arrangement.
While eldest daughter Prudence maintained minimal business involvement, James and Elisabeth were known for their more centrist political stances.
The family friction over their media holdings inspired the acclaimed television drama series “Succession.”
Their corporate stable includes influential outlets like Fox News, The Wall Street Journal and numerous British and Australian media properties.
New trusts will specifically benefit Lachlan Murdoch and his half-sisters Grace and Chloe Murdoch according to the official release.
Rupert Murdoch and his two half-sisters were identified as “remaining beneficiary trusts” in the restructuring announcement.
The “departing beneficiaries” will completely exit all trusts holding shares in either News Corporation or Fox Corporation. – AFP