Overview

• Fox Corp and News Corp said the family trust litigation has been resolved, and their boards voiced support for Lachlan Murdoch’s leadership.
• The settlement restructures governance so Lachlan holds sole voting control of LGC Holdco through his appointed managing director, with the new trust arrangements running through 2050 as Rupert Murdoch remains chairman emeritus.
• New trusts will benefit Lachlan, Grace and Chloe Murdoch, while Prudence MacLeod, Elisabeth Murdoch and James Murdoch exit as beneficiaries and must sell small personal holdings within six months under a long-term standstill.
• Cash for the departing siblings will be funded by selling about 14.2 million News Corp Class B shares and approximately 16.9 million Fox Class B shares previously held by the Murdoch Family Trust.
• A new holding entity for the remaining beneficiaries will own roughly 36.2% of Fox’s Class B stock, 31% of News Corp’s Class B stock and less than 0.1% of each company’s Class A shares.