URGENT UPDATE: Lachlan Murdoch is set to control his father Rupert Murdoch’s vast media empire following a significant settlement announced this week. The agreement resolves a fierce family dispute over the trust governing stakes in Fox Corp and News Corp, positioning Lachlan as the sole chairman of both companies.
This pivotal development comes after Rupert Murdoch’s decision in September 2023 to step down from his roles, a move that has sent shockwaves through the media landscape. The settlement, reached in a Nevada court, effectively sidelines Rupert’s three other children—James, Elisabeth, and Prudence—who will receive substantial payouts totaling over $2 billion.
In a memo to employees, Rupert Murdoch confirmed, “I am handing over the reins to my son, Lachlan,” marking a new chapter in the family’s storied but contentious legacy. The court previously ruled that Rupert and Lachlan acted in “bad faith” in their attempts to amend the trust, resulting in a restructuring that grants Lachlan, alongside his younger sisters, Grace and Chloe, shares in a new trust. However, only Lachlan will possess voting rights, solidifying his control.
Lachlan, aged 51, has been groomed for this role since childhood. Born in London in 1971 and raised in New York, he was exposed to the media business from an early age, often joining his father for breakfast before business meetings. His education at prestigious institutions, including Princeton University, prepared him for leadership, as he later oversaw significant Murdoch media properties in Australia and the U.S.
The Murdoch family’s complex dynamics played a crucial role in this succession. James Murdoch has openly criticized Fox News, creating a rift that has left the brothers estranged. Lachlan, who has defended controversial figures like Tucker Carlson, faced challenges such as the recent firing of Carlson, a decision made jointly with Fox News CEO Suzanne Scott. This decision followed a staggering $787.5 million settlement with Dominion Voting Systems over false election fraud claims, a scandal that has rocked the network and drawn significant public scrutiny.
Looking ahead, the focus will be on how Lachlan will navigate the future of Fox Corp and News Corp amid ongoing controversies and the evolving media landscape. With the Murdoch family’s net worth estimated at $24 billion, Lachlan’s leadership will be pivotal in maintaining the family’s influence in global media.
As Lachlan steps into this newfound power, all eyes will be on his strategies for growth and adaptation in a rapidly changing industry. The implications of this settlement are profound, not just for the Murdoch family but for the broader media world as well.
Stay tuned for more updates as this story develops.
