Family of Murdoch resolves disagreement over media empire control

In a significant move, Lachlan Murdoch has secured control of a new family trust overseeing Fox Corporation and News Corp, following a multi-billion-dollar deal. This new arrangement resolves a legal dispute that arose from Rupert Murdoch's previous attempt to transfer control of the family trust.

The previous family trust was controlled by four Murdoch children: Lachlan, James, Prudence, and Elisabeth. However, under the new terms, James Murdoch has given up his stake in the companies and will no longer have any say or voting rights in the companies built by Rupert Murdoch.

Lachlan’s younger siblings, Grace and Chloe, will keep their shares, with Lachlan as the only heir holding voting rights in the new family trust management arrangement. Wendi Deng, Rupert's ex-wife, will have family trusts established for her daughters Grace and Chloe as part of the new arrangement, following her push for their inclusion.

Rupert Murdoch's media empire includes influential U.S. news channel Fox News, newspapers like the "Wall Street Journal", the "New York Post", and the British "Times". Critics argue that Fox and News Corp have contributed to the rise of political populists like Trump through sensationalism and right-wing propaganda.

Interestingly, James Murdoch, Rupert's liberal-leaning son, publicly criticized Fox News' programming for amplifying Donald Trump's baseless claims of election fraud in the 2020 U.S. presidential election. On the other hand, Lachlan Murdoch is considered staunchly conservative among the Murdoch children.

Rupert Murdoch, at 94 years old, grew increasingly concerned about the political direction of his media outlets after his death. With this new arrangement, he has secured the conservative political leanings of his media outlets for the future.

Other details about the compensation for other Murdoch offspring were not disclosed in the article. No comments have been made by the trust or the companies regarding the payout to the other Murdoch children.

James, Prudence, and Elisabeth Murdoch will each receive a $1.1 billion payout in return for giving up their stakes in the family trust. They will be compensated handsomely in the deal, but will no longer have any stake or voting rights in the companies.

This restructuring marks a new chapter in the Murdoch family's media empire, with Lachlan Murdoch at the helm, ensuring the continuation of Rupert Murdoch's legacy.