Rupert Murdoch’s real-life ‘Succession’ battle just ended in a multibillion-dollar deal that keeps Fox News, Wall Street Journal conservative

The multibillion-dollar deal brings an end to legal conflicts that captured global attention and cements a clear future for the companies at the center of American and international news.

The settlement restructures the Murdoch Family Trust, a so-called irrevocable trust at the center of the litigation that pitted Rupert and Lachlan on one side and other children of Rupert’s, Prudence MacLeod, Elisabeth Murdoch and James Murdoch, on the other. The legal dispute arose when Rupert went to court to attempt to change the trust, moving from a structure of equal voting shares held by the four siblings into one with control held by Lachlan.

Under the settlement, voting control for the trust’s stakes will rest with Lachlan, who will remain chairman and CEO of Fox Corporation and will assume the managing director role for a newly created entity. Rupert, now 94, will continue in a figurehead capacity as chairman emeritus of the companies, maintaining ceremonial leadership but no direct voting control.

According to a News Corp. statement, MacLeod, Elisabeth Murdoch and James Murdoch will exit as beneficiaries of any trust holding shares in the core public companies. Each will receive a substantial cash consideration funded in part by the proceeds of the public sale of approximately 16.9 million Fox Corporation Class B shares and 14.2 million News Corp Class B shares that were formerly held by the MFT.

At current market values of $56.81 for Fox and $29.94 for News Corp, the proceeds would be approximately $1.4 billion each. But The New York Times, first to report on the resolution of the dispute, cited a person familiar with the matter who said the entire deal comes to $3.3 billion, with each of the three siblings getting $1.1 billion.

The remaining core value of the old trust will be allocated to new trusts benefiting Lachlan Murdoch and Rupert Murdoch’s youngest daughters, Grace and Chloe (children with ex-wife Wendi Deng), creating control through their vehicle, LGC Holdco, LLC.

LGC Holdco will hold approximately 36.2% of Fox Corporation’s Class B shares and about 33.1% of News Corp’s Class B shares.

The battle that played out behind closed doors in Reno Probate Court in Nevada, the most lenient venue for such matters in the U.S., resembled a scenario from the hit HBO show Succession, widely rumored to be based on the Murdoch family. In fact, The New York Times reported in December 2024 that the Murdoch siblings watched the program themselves and shaped their public relations strategy in response to it, as it reminded them of their father. Ultimately, the court rejected what it called a “carefully crafted charade.”

News Corp’s board explicitly welcomed the clarity provided by the new structure, noting that Lachlan’s “leadership, vision and management … will continue to be important to guiding the Company’s strategy and success.”

Industry analysts say the settlement ensures Fox News will retain its conservative editorial direction under Lachlan’s stewardship, who has kept Fox’s hard-right status intact since he assumed a position of leadership over the network in 2016. The Wall Street Journal, along with other News Corp assets, will also remain under the same strategic vision, with no indication of major change in governance or content direction.

In addition to the strategic clarity for the Murdoch media empire, this deal resolved a potentially chaotic civil war that could have ensued if the siblings wrestled for control between themselves. James Murdoch, who had emerged along with his sisters as a more liberal figure than his father and brother, was reported to be in favor of reining in Fox News’ more conservative programming, if he had reassumed a position of leadership.