Murdoch Family Trust Dispute Resolved

The Murdoch family has resolved its succession dispute at Fox Corporation and News Corporation, with Lachlan Murdoch retaining control of the media empire.

New trusts will be established for the benefit of Lachlan Murdoch, Grace Murdoch and Chloe Murdoch, while Prudence MacLeod, Elisabeth Murdoch and James Murdoch are being bought out of the trust holding shares in FOX and News Corporation. The departing beneficiaries will receive cash consideration funded in part using proceeds from the public sale of approximately 16.9 million shares of FOX class B common stock and approximately 14.2 million shares of News Corporation class B common stock. Prudence, Elisabeth and James will be prevented from acquiring shares of FOX and News Corporation and taking certain other actions with respect to the companies.

LGC Holdco—owned by Lachlan, Grace and Chloe—will own all of the remaining shares of FOX and News Corporation previously held by the Murdoch Family Trust. Voting control with respect to the FOX and News Corporation shares owned by LGC Holdco will rest solely with Lachlan through his appointed managing director. Rupert Murdoch will continue in his role as chairman emeritus of the company.