The Murdoch family reached an agreement that will allow Rupert Murdoch’s eldest son, Lachlan Murdoch, politically conservative, consolidating the control of the family media empire, which includes Fox News and the Wall Street Journal.
The agreement, announced on Monday, ends a family fight on who will control one of the highest profile global media groups and puts an end to succession issues within the Murdoch family after the death of its patriarch.
According to the agreement, the children of Rupert, James Murdoch, Elisabeth Murdoch and Prudcence Macleod, will receive cash for the sale of approximately 16.9 million class B actions of Fox and approximately 14.2 million common class B shares of News Corp. The amount of the payment was not revealed.
Citing an anonymous source, the New York Times He informed that each of the children is expected to receive around 1,100 million dollars in profits.
They agreed to sell their personal participations in Fox and News Corp in a period of six months, according to the announcement.
A new family trustee will be created to benefit Lachlan Murdoch and his younger sisters, Grace Murdoch and Chloe Murdoch, daughters of Rupert Murdoch of his marriage to Wendi Deng Murdoch.
This trust, with an approximate value of 3.3 billion dollars, according to the Timeswill house all the remaining actions of the Murdoch family in Fox and News Corp.
News Corp refused to comment on the valuation that the New York Times He made the properties of the new family trustee, nor about the amount that Murdoch’s children would receive. Fox did not respond to a request for comments.
The battle for the World Television and Editorial Empire of Rupert Murdoch was fought last fall in a reindeer court, Nevada, where a judge considered the controversial issue of succession.
Murdoch, 94, tried to change the terms of the family’s trust, which has significant participations in Fox, the Fox News parent company, and in News Corp., the owner of the Wall Street Journal.
He sought to guarantee that, after his death, media companies would remain under the control of Lachlan Murdoch, according to the New York Timeswhich obtained a sealed judicial document details the drama of the succession.
A Nevada court rejected that plan in December, stating that Rupert Murdoch and Lachlan Murdoch had acted “bad faith” when trying to modify the irrevocable trust.
With Reuters information.
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