In a stunning development straight out of the HBO series Succession, the Murdoch family has settled its long-simmering dispute over the family trust, a settlement that will see Lachlan Murdoch walk away with the keys to the kingdom.
The family announced the settlement Monday afternoon, adding that Lachlan’s siblings, Prudence MacLeod, Elisabeth Murdoch and James Murdoch, will each become beneficiaries of new trusts funded in part by the sale of 14.2 million shares of News Corp Class B common stock and approximately 16.9 million shares of Fox Corporation Class B common stock, that were previously held by the Murdoch family trust.
The sale will dilute the Murdoch families votes in both Fox and News Corp. to approximately 33.1 percent of News Corp’s Class B common stock and less than 0.1 percent of News Corp’s Class A common stock and approximately 36.2 percent of Fox Corporation’s Class B common stock and less than 0.1 percent of Fox Corporation’s Class A common stock.
New trusts will be formed for Lachlan Murdoch, Grace Murdoch and Chloe Murdoch, with Lachlan controlling the votes. Rupert Murdoch will continue in his role as Chairman Emeritus of the Company.
“News Corp’s board of directors welcomes these developments and believes that the leadership, vision and management by the Company’s Chair, Lachlan Murdoch, will continue to be important to guiding the Company’s strategy and success,” News Corp. said in a statement.