The Murdoch family settled a long-running family dispute that will leave Lachlan Murdoch in control of voting shares that govern both News Corp. and Fox Corp. while buying interest in the company from founder Rupert Murdoch’s other children who had challenged their father’s ability to restructure his heirs’ oversight of both corporations.
Fox Corp. and News Corp. both said Monday that the family had terminated all litigation tied to the elder Murdoch’s efforts to assign control of the family’s shares to Lachlan, who currently oversees both corporations. Prudence MacLeod, Elisabeth Murdoch and James Murdoch, Rupert’s children who challenged his maneuvers, will cease to be beneficiaries in any of the family’s holding trusts in the conglomerates.