The long-running battle over control of Rupert Murdoch’s media empire has ended, with Lachlan Murdoch confirmed as the sole successor after his siblings agreed to a multibillion-dollar payout.
News Corp and Fox Corp announced a “mutual resolution” to the dispute, terminating all litigation linked to the Murdoch Family Trust.
How Rupert secure Lachlan’s grip on the Murdoch empire
The settlement severs ties with Rupert’s three eldest children, Prudence, Elisabeth and James, who will each receive about $US1.1 billion ($1.7 billion).
On Tuesday afternoon’s episode of The Briefing, we are joined by journalist Calum Jaspan to unpack the latest developments in this real-life succession drama and what it means for the future of the Murdoch empire.
Jaspan said the legal fight centred on “Project Harmony”, Lachlan and Rupert’s failed bid to alter the trust.
“Essentially they had to argue that the efforts to overturn this irrevocable trust were being done in good faith and for the benefit of everyone involved,” Jaspan said.
Under the new agreement, Lachlan will control the voting power in the trust until at least 2050, alongside his younger sisters Grace and Chloe, Rupert’s daughters with Wendi Deng.
“They retain absolutely no voting stake over the family assets going forward,” he added.
The deal ensures Rupert’s succession is settled while he remains active in the business at 94.
“They’ve just found a way to make a deal, which Rupert is so well renowned for over these past seven decades.”
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