The real life succession: Lachlan Murdoch wins control of family empire and takes the reins of Fox Corporation

The deal has ended litigation between the family after Rupert, 94, tried and failed to change the family trust and give control to his son, Lachlan

Lachlan Murdoch, the eldest son of conservative media mogul Rupert Murdoch, has won control of the family empire and taken the reins of the Fox Corporation.

For decades, the Murdochs have been in a bitter fight over who will take over the family business, which has been so drama-filled, it inspired the HBO hit show Succession.

In a deal announced Monday, Lachlan, who is already running the family empire as News Corp chair and Fox Corporation’s CEO and executive chair, secured his leading role for the next 25 years.

The deal, which The New York Times reported was worth $3.3 billion, has ended litigation between the family after Rupert, 94, tried and failed to change the family trust and give control to Lachlan, 54.

Lachlan Murdoch, the eldest son of conservative media mogul Rupert Murdoch, has won control of the family empire and taken the reins of Fox Corporation (Getty Images)

In a court ruling from December 2024, Nevada probate commissioner Edmund J. Gorman Jr. said that Rupert and Lachlan had acted in “bad faith” with their “carefully crafted charade” to “permanently cement Lachlan Murdoch’s executive roles” within the media empire.

“The effort was an attempt to stack the deck in Lachlan Murdoch’s favor after Rupert Murdoch’s passing so that his succession would be immutable,” Gorman said.

In a deal announced Monday, Lachlan, who is already running the family empire as News Corp chair and Fox Corporation’s CEO and executive chair, secured his leading role for the next 25 years (Getty Images)

Rupert’s other three eldest children, Prudence, Elisabeth and James, will sell their personal holdings in the Fox Corporation and News Corp over six months as part of the deal. The NYT said the three will each get $1.1 billion each for all their shares.

A new trust, which will expire in 2050, will be created to benefit Lachlan and Rupert’s two youngest daughters, Grace and Chloe. Rupert will continue to be Chairman Emeritus of Fox Corporation and News Corp.

The deal has ended litigation between the family after Rupert, 94, tried and failed to change the family trust and give control to Lachlan, 54 (Getty Images)

“FOX’s board of directors welcomes these developments and believes that the leadership, vision and management by the Company’s CEO and Executive Chair, Lachlan Murdoch, will continue to be important to guiding the Company’s strategy and success,” the Fox Corporation wrote in a press release.

Rupert has sought to protect the conservative voice with his media empire, which includes Fox News, The Wall Street Journal and the New York Post, and that’s what he will get with Lachlan. Prudence, Elisabeth and James are less conservative than their brother, according to the NYT.