Rupert Murdoch’s son Lachlan takes over family media empire in $3 billion succession deal

Rupert Murdoch’s long-running succession saga has come to a close. In a major development, his eldest son, Lachlan Murdoch, will take full control of the family's vast media holdings following a $3.3 billion settlement that ends years of internal disputes.

The agreement gives Lachlan control over a powerful portfolio that includes Fox News, The Wall Street Journal, The Times of London, and The New York Post. It also ensures that the conservative editorial stance the media mogul built over decades will continue under Lachlan’s leadership

Under the deal, Lachlan’s siblings—Prudence MacLeod, Elisabeth Murdoch, and James Murdoch—will each receive $1.1 billion in exchange for giving up their stakes in the family trust, which previously held the bulk of the family's voting power in Fox Corp and News Corp.

The family trust set up amid Rupert Murdoch’s separation from Anna Mann will no longer remain in place. A new trust will take its place, centered on Lachlan and his two younger half-sisters, Grace and Chloe Murdoch, daughters from Rupert’s third marriage to Wendi Deng. While all three will benefit financially, only Lachlan will have the authority to vote on business decisions.

To finance the settlement, the Murdoch companies are selling over 31 million shares—split between Fox and News Corp—raising more than $1.4 billion. This reduces the new trust’s voting stake from about 40 percent to one-third in both companies. The remaining shares will be moved to LGC Holdco, LLC, a holding company overseen by trusts for Lachlan, Grace, and Chloe. Lachlan’s trust will hold 36.2 percent of Fox’s voting stock, along with additional non-voting shares—securing his firm control over the business.

The remaining shares will go to LGC Holdco, LLC, a holding company for Lachlan, Grace, and Chloe Murdoch. Lachlan’s trust will hold 36.2% of Fox’s Class B voting stock and a smaller stake in Class A shares, securing his control over the company.