The Murdoch family has reached an agreement that will see control of Rupert Murdoch’s global media interests consolidated under his eldest son, Lachlan Murdoch.
As part of the settlement, siblings James Murdoch, Prudence MacLeod and Elisabeth Murdoch will sell their beneficial stakes in News Corp (NASDAQ:NWSA) and Fox Corp (NASDAQ:FOXA) in exchange for cash, ending their future involvement and voting interest in the companies.
The deal also resolves litigation in Nevada, where the three had opposed plans for control to pass solely to Lachlan upon their father’s death.
Funding for the buyout will come in part from the sale of 14.2 million B Class shares in News Corp and 16.9 million B Class shares in Fox Corp held by the Murdoch Family Trust, with a combined value of US$1.4 billion (A$2.12 billion).