Rupert Murdoch’s €3bn succession deal hands Lachlan control

Family announces Rupert Murdoch’s eldest son, Lachlan Murdoch, will secure control of business

Rupert Murdoch and Lachlan Murdoch. Photographer: David Paul Morris/Bloomberg

Rupert Murdoch and his children resolved a messy family feud with a settlement that gives favoured son Lachlan Murdoch broad control and ensures Fox News and the rest of the sprawling media empire retains its conservative slant.

Under the agreement announced Monday, the 54-year-old son will become the sole beneficiary of the trust that controls Fox Corp. and News Corp., while three of Murdoch’s children — Prudence, Elisabeth and James — will cede their stakes. Instead, they’ll receive $1.1bn (€0.9bn) each, according to a person with knowledge of the matter.