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3w ago

Murdoch Succession Deal Gives Lachlan Control Through New Family Trust

The out-of-court settlement ends months of litigation by siblings who challenged attempts to change the family trust.

Image
Rupert Murdoch (à gauche) avec son fils Lachlan, le 8 juillet 2015 à Sun Valley, dans l'Idaho, aux Etats-Unis
Rupert Murdoch (au centre), entouré de ses fils Lachlan (à gauche) et James (à droite), arrive à l’église St Bride de Fleet Street, dans le centre de Londres, le 5 mars 2016, pour assister à une cérémonie de célébration au lendemain de son mariage avec l’ancien mannequin américain Jerry Hall.
L'héritier du magnat des médias Rupert Murdoch, Lachlan, le 16 janvier 2019 à Los Angeles

Overview

  • Fox Corporation announced on September 8 that the family reached an agreement consolidating Lachlan Murdoch’s control over Fox Corp and News Corp.
  • A newly created family trust lists Lachlan, Grace Murdoch and Chloe Murdoch as principal beneficiaries, according to the company.
  • The trust will be funded by selling about 16.9 million Fox class B shares and 14.2 million News Corp class B shares.
  • James, Elisabeth and Prudence Murdoch will relinquish their stakes in exchange for cash, with reporting citing an aggregate payout of roughly $3.3 billion.
  • The settlement resolves a Nevada case that found Rupert and Lachlan Murdoch acted in “bad faith,” and reporting says the new trust expires in 2050, effectively ensuring control through that date.