Rupert Murdoch’s family has reached a deal on control of the 94-year-old mogul’s media empire after his death, ensuring no change in direction at Fox News, the most popular network for President Donald Trump and conservatives.
The deal creates a trust establishing control of the Fox Corp. for Lachlan Murdoch, Rupert’s chosen heir who has been running Fox in recent years, along with his younger sisters, Grace and Chloe.
Lachlan Murdoch’s three older siblings, Prudence MacLeod, Elisabeth Murdoch and James Murdoch, give up any claims to control of Fox in exchange for stock currently valued at $3.3 billion, according to The New York Times, which first reported news of the deal.
It ends a drama that has been like a real-life version of HBO’s “Succession,” only with huge financial implications and an impact on U.S. politics. Fox and its conservative opinion dominates news ratings, at points this summer more popular than the general broadcast networks, and is the go-to network for Trump and his team to spread news.