‘Pleased the matter is behind them’: Murdoch children break silence over family deal

4 days ago 8

Rupert Murdoch’s children Prudence MacLeod, Elisabeth Murdoch and James Murdoch have spoken out after their multibillion-dollar settlement was announced earlier this week, saying they are happy to have reached a deal.

“Prudence MacLeod, Elisabeth Murdoch and James Murdoch are happy to have reached an agreement to settle the litigation initiated by their father, Rupert Murdoch, and brother, Lachlan, in 2023.

These are the first public comments from any of the siblings since James Murdoch’s lengthy interview with American magazine The Atlantic in February.

“Prudence, Elisabeth and James are pleased that the matter is now behind them,” a statement from a spokesperson for James Murdoch read.

These are the first public comments from any of the siblings since James’ lengthy interview with American magazine The Atlantic in February.

The trio will walk away with $US1.1 billion ($1.7 billion) each in the settlement, bringing to an end to their lifelong association with the media companies founded by their grandfather Keith Murdoch, but built into the global empire it is today by their father, Rupert.

As part of the deal, Lachlan Murdoch – Rupert’s chosen successor and head of both News Corp and Fox Corp – will remain in charge of both companies, and be the sole managing director and only trustee with voting power in a new family trust, which includes only him and his half-sisters Chloe and Grace.

The court battle lifted the lid on bitter fighting in the Murdoch family, prompted by the threat of the three opposing siblings’ ability to kick their brother, Lachlan, out of his position of control should their father die.

The agreement ends a family brawl over who will control one of the most high-profile global media groups, putting to rest questions of succession within the Murdoch family after its patriarch’s death.

The Murdoch family drama was widely viewed as an inspiration for the television series Succession, which was about infighting among members of a media dynasty. Its real-life resolution preserves the conservative tilt of Murdoch’s media outlets.

Lachlan said overnight that the settlement of the dispute is “great news for investors”.

“It gives us clarity about our strategy going forward,” he said at a Goldman Sachs investor conference.

Lachlan will control 36 per cent of Fox’s voting shares and 33 per cent of News Corp’s.

Lachlan has been CEO of Fox since 2018 and sole chairman of News Corp since 2023, when Rupert stepped down.

In that time, Fox shares have doubled and News is up about 40 per cent. The younger Murdoch helped oversee the acquisition of the Tubi streaming service for $US440 million five years ago and launched a streaming platform in August called Fox One, which combines news, entertainment and sports.

with Reuters, Bloomberg

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