Rupert Murdoch’s chosen son Lachlan will remain in charge of the family business, forestalling a predicted challenge from his siblings over the political bent of the conservative media empire.
Instead, three siblings are exiting the business altogether — in an ending worthy of a dramatic series finale.
A protracted legal battle over the future of the Murdoch family trust was resolved on Monday, according to statements from the two companies, Fox Corp and News Corp.
The companies said that the Murdoch family’s existing trust setup is being replaced. Prudence MacLeod, Elisabeth Murdoch and James Murdoch, described in legal filings as the “departing members,” will receive about $1 billion each for their shares, a person with knowledge of the transaction said.
James, for one, has been deeply troubled for years about Fox News Channel’s right-wing programming and about other aspects of the family business. He has also donated to Democrats and supported progressive groups.
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