Lachlan Murdoch has secured control of his father Rupert Murdoch's media empire in a $3.3 billion deal finalized on Monday, resolving a years-long succession battle and ensuring the conservative direction of outlets like Fox News, The Wall Street Journal, and The New York Post will continue under his leadership.
The agreement, which ends litigation and dissolves the original 1999 family trust, sees Lachlan's three older siblings—Prue, Liz, and James—each receive $1.1 billion for their shares, while a new trust, which includes Lachlan and his two younger sisters, Grace and Chloe, will hold the controlling stake in News Corp and Fox Corporation until 2050.
The deal marks the culmination of a decades-long struggle over the future of the Murdoch media empire, which Rupert Murdoch had sought to steer toward a conservative legacy through his chosen heir, Lachlan.
The original plan to unilaterally change the irrevocable family trust, dubbed "Project Family Harmony," was rejected by a Nevada probate court in December 2024, which labeled the effort a "carefully crafted charade" and accused Rupert’s representatives of breaching fiduciary duties.
The legal battle intensified after James Murdoch gave an interview to The Atlantic in February 2025, where he criticized his father and Fox News, prompting demands for judicial sanctions and further escalating tensions.
Despite the court defeat, the legal pressure and the prospect of prolonged litigation brought the family back to the negotiating table, leading to the final settlement that allows Lachlan to consolidate control.
The financial structure of the deal involves loans, holding companies, and stock sales, though the exact funding mechanism remains unclear.