Overview

• Fox Corp. and News Corp. said the Nevada trust litigation has been terminated under a negotiated resolution.
• LGC Holdco will own the remaining family Class B stakes, with all voting power over those shares resting solely with Lachlan Murdoch through his appointed managing director.
• New trusts are being formed for Lachlan, Grace and Chloe Murdoch, while Prudence MacLeod, Elisabeth Murdoch and James Murdoch cease to be beneficiaries.
• Cash for the departing siblings will come from selling about 14.2 million News Corp Class B shares and roughly 16.9 million Fox Corp Class B shares; they must also divest any personal holdings and comply with a long-term standstill.
• After the transactions, the Murdoch family’s voting stake will be diluted to about 33.1% of News Corp Class B shares and around 36.2% of Fox Corp Class B shares, with Rupert Murdoch remaining chairman emeritus.