The real-life “Succession” drama that has consumed one of the world’s richest and most famous families has reached its finale.
The dispute over the Murdoch Family Trust — which controls media companies like Fox News, The New York Post, and The Wall Street Journal — has been resolved, the family’s holding companies, News Corp. and Fox Corp., announced Monday.
The settlement will see three of Rupert Murdoch’s children part with their stakes in the family business for cash compensation.
Murdoch’s eldest son, 54-year-old Lachlan Murdoch — favored in part because of his commitment to conservative politics — will control the brands moving forward via a new trust. Lachlan has already been effectively running the empire as the executive chairman and CEO of Fox and chairman of News Corp.
The settlement follows a legal battle in Nevada, which saw 94-year-old patriarch Rupert and Lachlan pitted against three of Rupert’s other children: James and Elisabeth Murdoch, and Prudence MacLeod.
Rupert and Lachlan had previously tried to dismantle a decades-old agreement that gave each of the four siblings equal control over their father’s companies when he died. The father-son duo was concerned that the three more liberal siblings could band together and outvote Lachlan after Rupert passed away, endangering the success of the company’s conservative media properties.
Under the new agreement, which extends until 2050, James, Elizabeth, and Prudence will no longer have any stake in the companies that their father built. They will each receive cash compensation for their shares and are barred from purchasing stock in either entity.
Lachlan, as well as Rupert’s youngest children, Grace and Chloe, will retain their ownership, though Lachlan will be the only Murdoch heir with voting power.
Sibling power games
The Murdoch family is worth $24.4 billion, according to Forbes, and even before the proposed change to the trust, its tumultuous dynamic has long been a subject of intrigue.
In a very valuable game of sibling rivalry, James, who is 52, and Lachlan competed over who would inherit control of the family dynasty.
It was long thought that James was the more natural choice. He put in his time at his father’s companies, working his way up to COO of News Corp. and CEO of 21st Century Fox.
But in 2014, Lachlan returned to the fold after nearly two decades away. He said he wanted time in Australia, but many pointed to disagreements with then-Fox News CEO Roger Ailes. It was a blow to James, who had to share his power.
By 2019, it had become clear that Lachlan was the heir-apparent when Rupert tapped Lachlan to lead the new Fox Corp. after 21st Century Fox’s sale to Disney. James left Fox, and the next year, he left News Corp. too, referencing his “disagreements over certain editorial content.”
Since then, James has become more forthright with criticisms of his father. He implied that Fox News was partly responsible for the Jan. 6 riots. Earlier this year, he called his father a misogynist in an interview with The Atlantic.
Since his return, Lachlan has remained loyal to Rupert, keeping his eye on the prize.
When Business Insider asked him in 2021 about his endgame, he maintained that he already had his dream job.
“It’s one I look forward to for decades and decades into the future,” he said.
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