Rupert Murdoch’s son Lachlan will take control of the family’s sprawling media empire in a $3.3 billion deal that closes a decades-long succession battle.
Lachlan will head all Murdoch outlets, including Fox News, the New York Post, and The Wall Street Journal. Three other Murdoch children receive $1.1 billion each but have no stake in the business.
The deal ensures the news operations maintain their conservative bent: James Murdoch, Lachlan’s younger brother who is estranged from the family, is believed to have wanted to take over and shift to a more liberal stance. Rupert Murdoch has dominated conservative media in the US, UK, and Australia for 40 years, but at 94 is seeking to secure his empire’s future.