The Murdoch family has agreed to settle a yearslong dispute over the family’s trust and control of the sprawling media empire it owns, the two sides announced on Monday.
The deal will hand control of Fox and News Corp. to Lachlan Murdoch, effectively protecting its conservative viewpoint for decades to come. Prue, Liz and James Murdoch will each receive more than a billion dollars to release their shared control of the media empire.
New trusts will be established for the benefit of Lachlan Murdoch and his younger sisters, Grace and Chloe Murdoch, according to the agreement.
The deal, worth a reported $3.3 billion, comes after a lengthy legal battle among the Murdoch children for control of the media empire built by Rupert Murdoch, 94.
The elder Murdoch late last year lost a bid in court to change the family trust, as he sought to consolidate power around Lachlan and retain his media properties’ conservative slant.
The Murdochs preside over some of the largest and most influential media brands in the world, including Fox News, The Wall Street Journal, New York Post and other publications in the United Kingdom and Australia.
The New York Times reported Prue, Liz and James Murdoch were eager to break from the conservative media empire. Lachlan has been running the business his father founded decades ago for the last several years.
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