In brief
The Murdoch family's succession saga culminates with Lachlan Murdoch gaining control over the conservative media empire, ensuring its political stance continues even after Rupert Murdoch's passing. This agreement removes other siblings from shares in Fox and News Corp, highlighting the ongoing tensions within the Murdoch family.
A years-long succession battle for control of Rupert Murdoch's conservative media empire has drawn to a close, with his son Lachlan set to control the news empire.
The deal, which the family announced on Monday, will ensure the ongoing conservative leaning of Fox News, The Wall Street Journal and The New York Post even after 94-year-old Rupert's death.
Under the agreement Lachlan will control a new trust while siblings Prue MacLeod, Elizabeth Murdoch and James Murdoch will cease being beneficiaries of any trust with shares in Fox or News Corp.
It follows years of tension between the media mogul and three of his children over the future of the family-owned newspapers and television networks.
The Murdoch family's internal turmoil served as inspiration for the hit television drama Succession.
Under the deal to end the real-life saga, Lachlan's more politically moderate oldest siblings are poised to sell their holdings in Fox and News Corp in the coming months. They will also be named as beneficiaries of a new trust.
The newly-formed trust will receive cash from the sale of about 14.2 million shares of News Corp. and 16.9 million shares of Fox Corp, adding to the siblings' existing inheritance and allowing them to break from the media conglomerate's conservative bent.
