Banking·MediaRupert Murdoch’s real-life ‘Succession’ battle a multibillion-dollar deal that keeps Fox News, Wall Street Journal conservativeBy Nick LichtenbergBy Nick LichtenbergFortune Intelligence EditorNick LichtenbergFortune Intelligence EditorNick Lichtenberg is Fortune Intelligence editor and was formerly Fortune's executive editor of global news.SEE FULL BIO Rupert Murdoch and his sons Lachlan (L) and James (R), in 2002.Peter Mathew/Fairfax Images/Getty ImagesA dramatic legal battle in which 94-year-old media mogul Rupert Murdoch tried to change an irrevocable trust to bar his more liberal children from majority control of Fox News and The Wall Street Journal has in a multibillion-dolllar settlement that leaves the outlets in the hands of his conservative son, Lachlan Murdoch.
Rupert Murdoch’s decades-long, high-stakes battle over the future of his media empire has with a sweeping settlement, transferring control of Fox News and The Wall Street Journal to his eldest son, Lachlan Murdoch, while other heirs exit a family trust that controlled the outlets in exchange for huge payouts.
The multibillion-dollar deal brings an end to legal conflicts that captured global attention and cements a 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 s 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 s in the core public companies.
Each will receive a substantial cash consideration funded in part by the ceeds of the public sale of apximately 16.9 million Fox Corporation Class B s and 14.2 million News Corp Class B s that were formerly held by the MFT.
At current market values of $56.81 for Fox and $29.94 for News Corp, the ceeds would be apximately $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 apximately 36.2% of Fox Corporation’s Class B s and 33.1% of News Corp’s Class B s.
The ‘Succession’ settlement The battle that played out behind closed doors in Reno bate 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 gram 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 vided 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 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 gramming, if he had reassumed a position of leadership.
For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. Fortune Global Forum returns Oct. 26–27, 2025 in Riyadh.
CEOs and global leaders will gather for a dynamic, invitation-only event shaping the future of . Apply for an invitation.