The family of media mogul News Corp founder Rupert Murdoch has reached a deal yielding control of his media conglomerate’s assets to his son, Lachlan Murdoch.
Lachlan and his siblings had been embroiled in a Nevada court battle, which has been terminated with the latest deal, News Corp said in a press release on Sept. 8.
Rupert has six children from three marriages.
The deal establishes separate trusts for Lachlan’s siblings, Prudence MacLeod, Elisabeth Murdoch, and James Murdoch, who are from Rupert’s first two marriages. The deal will result in these three of Lachlan’s siblings ceasing to be beneficiaries in any trust holding shares in Fox or News Corporation, which owns Fox News, The Wall Street Journal, and The New York Post. The family initially shared voting rights through the Murdoch Family Trust….