Lachlan Murdoch retains control of News Corp after family settlement

In September 2023, Rupert Murdoch's children reached a significant agreement to settle the ownership structure of their media empire, which includes major outlets such as Fox News, The New York Post, and The Wall Street Journal. Lachlan Murdoch, the eldest son, has assumed leadership of News Corp after his father's retirement at the age of 94. This new arrangement ensures Lachlan retains substantial control over the company’s operations, holding approximately 33% of News Corp and around 36% of Fox’s shares, while his siblings, Prudence MacLeod, Elisabeth Murdoch, and James Murdoch, will no longer possess shares in either company. Instead, they will receive cash payouts amounting to about $1.1 billion each from the sale of roughly 14 million shares of News Corp stock and about 17 million shares of Fox stock. The agreement also includes a long-term standstill clause that prohibits the three siblings from further acquiring shares in either of the companies or taking specific actions that could influence company decisions. This agreement marks a pivotal moment for the Murdoch family, as control of the media empire has been a contentious issue among the siblings, especially given their differing political beliefs. While Lachlan shares his father's conservative inclinations and directions, his siblings have been known for more moderate or liberal views, exemplified by James Murdoch's substantial financial support for Joe Biden during the 2020 presidential campaign. According to the board of directors at News Corp, they are optimistic that Lachlan's management will steer the company towards continued strategic success despite potential challenges caused by the sibling relationships and diverse viewpoints. The consensus among observers suggests that the resolution of this ownership dispute could stabilize News Corp’s operations in a rapidly evolving media landscape and clarify the future course of the family-run business.