Lachlan Murdoch claims control of Fox and News Corp

Lachlan Murdoch is to take control of his father Rupert Murdoch’s sprawling media empire, including US broadcaster Fox, The Wall Street Journal and The New York Post.

The move follows a lengthy battle for control of 94-year-old Murdoch senior’s business once he dies, and will see Lachlan overseeing a new trust that owns the Fox and News Corp businesses.

Murdoch’s children with Wendi Deng, Grace and Chloe, will also be benficiaries to this trust.

The mogul’s other children – former Sky and 21st Century Fox chief James, Prudence and Sister and ex-Shine boss Elisabeth – will no longer be beneficiaries to any trust that holds shares in Fox or News Corp.

The trio will sell their shares in the two media companies over the next six months, with the proceeds from the more than 14 million News Corp shares and almost 17 million Fox Corp shares being placed into a new trust.

Reports suggest the three will receive around $1.1bn each as a result, with the agreement marking the end of a year-long battle for control that took place in a Nevada courtroom.

Lachlan Murdoch was already chair of News Corp and chief exec at Fox Corp, which said it welcomed the news.

“Fox’s board of directors welcomes these developments and believes that the leadership, vision and management by the company’s chief exec and executive chair, Lachlan Murdoch, will continue to be important to guiding the company’s strategy and success,” Fox Corp said.