Extract from Reuters
A
view of the signage outside the News Corporation building in New York,
U.S., September 21, 2023. REUTERS/Bing Guan/File Photo Purchase Licensing Rights
Sept
8 (Reuters) - The Murdoch family reached a deal that will see Rupert
Murdoch's politically conservative son Lachlan Murdoch cement control of
the family media empire which includes Fox News and the Wall Street
Journal.
The deal ends a battle over who will control one of the highest profile global media groups.
Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here.
The
family will create a separate trust for Rupert's children James
Murdoch, Elizabeth Murdoch and Prudence MacLeod, who will sell their
personal holdings in Fox and News Corp over a period of six months.
Fox Corp (FOXA.O) said on Monday that it has reached a mutual resolution on the legal
proceedings related to the Murdoch Family Trust, resulting in the
termination of all litigation.
A new family trust will be established to benefit Lachlan Murdoch, Grace Murdoch and Chloe Murdoch.
The
Murdoch children will be beneficiaries of a new trust, which will
receive cash from the sale of about 16.9 million shares of Fox Class B
stock and about 14.2 million shares of News Corp's Class B common stock.
The amount of the payment was not disclosed.
Reporting by Dawn Chmielewski in Los Angeles and Juby Babu in Mexico City; Editing by Alan Barona and Franklin Paul
No comments:
Post a Comment