JUST IN: Lachlan Murdoch, Rupert’s Handpicked Heir, Gets Control of Fox News and Other Murdoch Media Outlets in $3.3B Deal

Lachlan Murdoch has secured control of the media empire his father, Rupert Murdoch, built in a $3.3 billion deal on Monday that ends years of squabbling over who will lead outlets like Fox News, The Wall Street Journal, and the New York Post following the mogul’s death.

The New York Times reported the deal terms include Lachlan Murdoch’s three oldest siblings — Prue, Liz, and James — receiving $1.1 billion each for their slice of the Murdoch empire. As a result, the current family trust, which was set up in 1999, will be dissolved.

Most importantly for the 94-year-old Rupert Murdoch, the deal will make sure the media companies he spearheaded retain the conservative slant they are known for under Lachlan Murdoch’s stewardship.

Here is the key section from the News Corp. press release on the matter on Monday:

“Voting control with respect to the News Corp and Fox Corporation shares owned by LGC Holdco will rest solely with Lachlan Murdoch through his appointed managing director. Rupert Murdoch will continue in his role as Chairman Emeritus of the Company.”

The agreement comes after Rupert and Lachlan Murdoch pushed to change the irrevocable family trust in order to consolidate power under Lachlan last year; a Nevada judge shot down that bid last December. However, negotiations ratcheted up in the wake of the filing.

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