By Brian Stelter, CNN
Rupert Murdoch, 94, had been embroiled in a court battle with several of his children over future control of his media empire.
Photo: AFP
Rupert Murdoch’s chosen son Lachlan will remain in charge of the family business for the foreseeable future, forestalling a predicted challenge from his siblings over the political bent of the conservative media empire.
A protracted legal battle over the future of the Murdoch family trust was resolved on Monday, according to statements from the two companies, Fox Corp and News Corp.
The Murdoch family’s existing trust setup is being replaced, which means the three Murdoch children who might have wanted to mount a power play once the patriarch dies will no longer have powerful voting shares in the companies.
The legalese refers to Prudence MacLeod, Elisabeth Murdoch and James Murdoch as the “departing members.”
James has been deeply troubled for years about Fox News Channel’s right-wing programming and about other aspects of the family business.
Thus, Fox critics have long wondered if James could attempt a takeover, wresting power away from Lachlan, who currently runs both Fox and News Corp.
Monday’s resolution seems to rule out that possibility. Lachlan and two younger sisters, Grace and Chloe, will have shares in a new trust that will have the controlling stakes in both companies.
The announcement came after the elder Murdoch sought to amend the original family trust to ensure that Lachlan will remain in charge for decades to come, prompting a secret court battle in Nevada.
The court ruled against Rupert Murdoch last winter, which apparently triggered legal talks that resulted in what the companies called a “mutual resolution of the legal proceedings in Nevada.”
According to the corporate filings, all the litigation has been resolved.
– CNN