The Murdoch family has reached a deal that will see Rupert Murdoch's politically conservative eldest son, Lachlan, cement control of the family media empire that includes Fox News and The Wall Street Journal.
The agreement, announced on Monday, ends a family brawl over who will control one of the highest-profile global media groups and puts to rest questions of succession within the Murdoch family after its patriarch's death. The drama is considered to be one of the inspirations for the television series "Succession," about the infighting of the members of a media dynasty. Its real-life resolution preserves the conservative tilt of Murdoch's media outlets.
Under the deal, Murdoch's children — James Murdoch, Elisabeth Murdoch and Prudence MacLeod — will receive cash from the sale of about 16.9 million shares of Fox Class B voting stock and about 14.2 million shares of News Corp.'s Class B common stock. The amount of the payment was not disclosed.
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