Washington (USA), Sep 8 (LaPresse) – The long battle over succession in the Murdoch family appears to have reached a billion-dollar conclusion. According to The New York Times, Lachlan Murdoch has signed an agreement securing control of his family’s vast media empire for decades to come. The deal ensures that the various outlets of the empire, including Fox News, the New York Post, and the Wall Street Journal, will maintain a conservative editorial line after the death of his father, Rupert. The value of the agreement is $3.3 billion, according to a person familiar with the negotiations. The accord comes months after Rupert and Lachlan attempted to unilaterally change the terms of the Murdoch family’s irrevocable trust and strip Lachlan’s elder siblings—Prue, Liz, and James—of their voting rights. Initially, the attempt failed in court, but it ultimately brought both parties to the negotiating table. The agreement allows the 94-year-old Rupert to preserve what he called the “protector of the conservative voice in the English-speaking world” under the leadership of his chosen heir, Lachlan. Under the terms, Lachlan’s three elder siblings will each receive $1.1 billion for all their shares in the empire, according to a source familiar with the negotiations. These shares are currently held in the existing family trust, which will be dissolved. This amounts to about 80% of the value of their shares at Friday’s market close.
USA: Murdoch family reaches billion-dollar succession deal
Washington (USA), Sep 8 (LaPresse) – The long battle over succession in the Murdoch family appears to have reached a billion-dollar conclusion. According to The New York Times, Lachlan Murdoch has signed an agreement securing control of his family’s vast media empire for decades to come. The deal ensures that the various outlets of the empire, including Fox News, the New York Post, and the Wall Street Journal, will maintain a conservative editorial line after the death of his father, Rupert. The value of the agreement is $3.3 billion, according to a person familiar with the negotiations. The accord comes months after Rupert and Lachlan attempted to unilaterally change the terms of the Murdoch family’s irrevocable trust and strip Lachlan’s elder siblings—Prue, Liz, and James—of their voting rights. Initially, the attempt failed in court, but it ultimately brought both parties to the negotiating table. The agreement allows the 94-year-old Rupert to preserve what he called the “protector of the conservative voice in the English-speaking world” under the leadership of his chosen heir, Lachlan. Under the terms, Lachlan’s three elder siblings will each receive $1.1 billion for all their shares in the empire, according to a source familiar with the negotiations. These shares are currently held in the existing family trust, which will be dissolved. This amounts to about 80% of the value of their shares at Friday’s market close.
