Family feud over media empire resolved
Murdoch Family Shifts Control of Media Empire
In a significant move, media mogul Rupert Murdoch has secured the future conservative political leanings of his media empire, following a multi-billion dollar deal that gives his son Lachlan control over a new family trust.
The previous family trust was controlled by four Murdoch children: Lachlan, James, Prudence, and Elisabeth. However, after a series of disagreements and growing concerns about the potential change in political direction of the media outlets after Murdoch's death, a new arrangement has been reached.
Under the new arrangement, Lachlan Murdoch, who is considered staunchly right-wing, will have control over the new family trust, which oversees Fox Corporation and News Corp. The other three children (James, Prudence, and Elisabeth) have agreed to give up their stakes in the family trust.
The deal, valued at an estimated $1.1 billion (€940 million), will see each of the three children receive an approximate share of this amount. The exact details about the compensation for other Murdoch offspring were not provided in the article.
The new family trust will also include trusts for Murdoch's ex-wife Wendi Deng's daughters (Grace and Chloe), whose names in the newly created family trusts are Deng Rong and Deng Nan, respectively. Wendi Deng had previously been pushing for her children to be included in the previous family trust.
The trust and the companies involved did not comment on the reported payout to the children. The article does not provide information about how the change in control will affect the editorial policies of the media outlets.
The move comes after Murdoch Senior's previous attempt to unilaterally transfer control of the family trust to Lachlan was blocked in court. The new arrangement solidifies Lachlan Murdoch's control over the family trust, which includes Fox News in the US, the Wall Street Journal, the New York Post, and the British Times, among others.
Critics accuse Fox and News Corp of contributing to the rise of political populists like Trump through sensational journalism and right-wing propaganda, not just in the US. The companies have faced numerous controversies over the years, with Fox News having continued to spread Donald Trump's baseless claims that he had been cheated out of victory in the 2020 US presidential election, causing dissatisfaction among some family members, including James Murdoch.
This change in control marks a new chapter for the Murdoch family and their media empire, with Lachlan Murdoch now steering the ship forward. The impact of this change on the editorial policies and the future direction of the media outlets remains to be seen.
