The Murdoch family reached a deal that will see Rupert Murdoch's politically conservative son Lachlan Murdoch cement control of a family media empire that includes Fox News and The Wall Street Journal.
The deal ends a battle over who will control one of the highest-profile global media groups.
The family will create a separate trust for Rupert’s children James Murdoch, Elisabeth Murdoch and Prudence MacLeod, who will sell their personal holdings in Fox and News Corp over a period of six months.
Fox Corp said on Monday that it has reached a mutual resolution on the legal proceedings related to the Murdoch Family Trust, resulting in the termination of all litigation.
A new family trust will be established to benefit Lachlan Murdoch, Grace Murdoch and Chloe Murdoch.
The Murdoch children will be beneficiaries of a new trust, which will receive cash from the sale of about 16.9 million shares of Fox Class B stock and about 14.2 million shares of News Corp’s Class B common stock. The amount of the payment was not disclosed.
