THE MURDOCH SETTLEMENT!

THE END OF A DYNASTY DISPUTE: INSIDE THE $3.3 BILLION MURDOCH SETTLEMENT

In what media analysts are calling the real-life finale to HBO’s hit series “Succession,” the Murdoch family has reached a landmark $3.3 billion settlement that definitively resolves years of internal power struggles and establishes a clear path forward for one of the world’s most influential media empires. The agreement, announced earlier this week, ensures that Lachlan Murdoch, Rupert’s politically conservative eldest son, will cement control of the family’s vast media holdings, including Fox News and The Wall Street Journal, while his siblings walk away with billion-dollar payouts and relinquish any future claim to the company’s direction.

The settlement not only ends the contentious legal battle that has played out largely behind closed doors in Nevada courtrooms but also answers the long-standing question of who will control the Murdoch empire after the eventual passing of its 94-year-old patriarch. For investors, media watchers, and political observers alike, this resolution provides unprecedented clarity about the future leadership and ideological direction of news outlets that shape public discourse across multiple continents.

This special edition of Limitless Newsletter offers an in-depth examination of the settlement terms, the family dynamics that led to this resolution, the historical context of the Murdoch media empire, and the far-reaching implications for the global media landscape, political discourse, and the future of news consumption.

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THE SETTLEMENT: BY THE NUMBERS

The agreement announced Monday represents one of the largest family business settlements in media history, with sweeping financial and operational implications:

 *   $3.3 billion: Total value of the new family trust benefiting Lachlan Murdoch and his younger half-sisters, Grace and Chloe

 *   $1.1 billion: Approximate amount each of the three dissenting Murdoch siblings (James, Elisabeth, and Prudence) will receive individually

 *   16.9 million: Shares of Fox Corp. Class B voting stock to be sold as part of the agreement

 *   14.2 million: Shares of News Corp. Class B common stock to be sold

 *   36%: Percentage of Fox’s Class B common stock the new trust will control

 *   33%: Percentage of News Corp’s Class B shares the new trust will hold

According to Fox Corp. CEO Lachlan Murdoch, speaking at a Goldman Sachs conference on Wednesday, the settlement brings much-needed clarity to the company’s future. “It gives us a clarity about our strategy going forward. It shows that our strategy will be consistent, it’s clear, and it’s very sustainable,” Murdoch said. “We are very pleased to be able to move forward and remain focused on the path that we’re on.”

The settlement represents the culmination of a years-long succession battle that intensified following Rupert Murdoch’s surprising attempt to alter the terms of the family trust. That effort was rebuffed by a Nevada court in December 2024, which ruled that Rupert and Lachlan had acted in “bad faith” in attempting to amend the trust.

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THE FAMILY FEUD: ORIGINS AND EVOLUTION

The roots of the Murdoch family dispute stretch back decades but intensified in recent years as Rupert Murdoch, now 94, began contemplating the future of his media empire after his death. The original family trust, established after Murdoch’s 1999 divorce from his second wife, Anna, held significant stakes in Fox News parent Fox Corp. and Wall Street Journal owner News Corp.

Under the original trust’s terms, the voting shares would have been transferred upon Rupert’s death to his four oldest children from his first two marriages: Prudence MacLeod (67), Elisabeth Murdoch (57), Lachlan Murdoch (54), and James Murdoch (52). This arrangement would have given the four siblings equal control over the future direction of the companies.

However, as reported extensively in recent years, Rupert became increasingly concerned that three of his heirs—James, Elisabeth, and Prudence, who are more politically moderate than their brother—might eventually “mount a coup to oust Lachlan” from his leadership positions as executive chairman of Fox and chairman of News Corp.

This concern led Rupert to attempt to change the terms of the family trust in a way that would ensure his empire would fall solely into Lachlan’s hands. The Nevada court proceedings revealed that Murdoch worried specifically about James, who had distanced himself from the family business in recent years, citing disagreements over editorial content, particularly regarding climate change coverage and the handling of the 2020 U.S. presidential election.

Professor Matthew Ricketson of Deakin University in Melbourne noted that the bitter irony of the situation was that “Rupert Murdoch has always said that he has built this business, it is a family business, he wants his family to take it over when he eventually passes on,” yet the dispute had effectively “torn apart his family in the process.”

The tensions within the family came to a head in a Reno, Nevada courtroom, where a judge considered the contentious matter of succession. Nevada was chosen as the venue for this dispute due to the state’s unusual privacy protections for family trust disputes, allowing much of the drama to play out away from public scrutiny.

In December 2024, the court rejected Rupert’s attempt to change the trust’s terms, with the probate commissioner stating that Rupert and Lachlan had acted in “bad faith” in seeking to amend what was supposed to be an irrevocable trust. The commissioner wrote that “the effort was an attempt to stack the deck in Lachlan Murdoch’s favor after Rupert Murdoch’s passing so that the succession would be immutable.”

This legal defeat created a fresh opening for settlement talks, ultimately leading to this week’s announcement.

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THE MURDOCH MEDIA EMPIRE: A GLOBAL FORCE

To understand the full significance of this settlement, one must appreciate the vast scope and influence of the Murdoch media holdings. The family’s companies control some of the most influential news outlets across multiple continents:

News Corp Properties

 *   The Wall Street Journal: America’s largest newspaper by circulation and one of the most respected business publications globally

 *   The New York Post: One of America’s oldest newspapers, known for its tabloid style and conservative editorial stance

 *   The Australian: Australia’s national newspaper

 *   Major Australian metropolitan tabloids: Including Sydney’s The Daily Telegraph and Melbourne’s The Herald Sun

 *   Sky News Australia: A major television news network in Australia

 *   REA Group: Including realestate.com.au<http://realestate.com.au/>, a dominant digital real estate platform

 *   Major UK newspapers: Including The Sun and The Times of London

Fox Corp Properties

 *   Fox News: America’s highest-rated cable news network, with enormous influence on political discourse

 *   Fox Sports (US): Major sports broadcasting network

 *   Fox Entertainment: Entertainment programming division

The reach of these media properties is difficult to overstate. Fox News continues to be the number one U.S. cable news network, “playing an influential role in U.S. politics, particularly among Republicans who prize its conservative-leaning audience,” as noted in Reuters reporting on the settlement.

Interestingly, while Republicans are much more likely than Democrats to get news from Fox News, the same partisan divide does not apply to all Murdoch properties. According to a March 2025 Pew Research Center survey, 16% of Democrats say they regularly get news from The Wall Street Journal, compared with 12% of Republicans. Democrats are also more likely than Republicans to say they trust the Journal as a source of news (37% vs. 23%).

This diversity in audience demographics across the Murdoch portfolio has been one source of the family tension, with James Murdoch in particular expressing concern about the editorial direction of Fox News and its coverage of climate change and the 2020 U.S. presidential election.

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KEY PLAYERS: THE MURDOCH FAMILY DYNAMICS

The settlement formally establishes the roles and futures of the key Murdoch family members:

Rupert Murdoch (94)

The patriarch of the family who built a global media empire from a single Australian newspaper inherited from his father. Though he stepped back as chairman of both Fox Corporation and News Corp in September 2023, he has remained as chairman emeritus of both companies and has continued to exercise considerable influence over their direction. The settlement effectively ensures his vision for the companies’ conservative political orientation will continue after his death through Lachlan’s leadership.

Lachlan Murdoch (54)

The clear winner in the settlement, Lachlan has been running the media empire since Rupert stepped back in 2023. As executive chairman of Fox and chairman of News Corp, he is widely seen as the most politically conservative of Rupert’s oldest children and has been his father’s chosen successor for years. The settlement cements his control through a new family trust that will hold 36% of Fox’s Class B common stock and 33% of News Corp’s Class B shares.

James Murdoch (52)

Once considered a potential successor to his father, James has distanced himself from the family business in recent years, citing disagreements over editorial content, particularly regarding climate change coverage and Fox News’ approach to the 2020 U.S. election. He resigned from the News Corp board in 2020, citing “disagreements over certain editorial content published by the Company’s news outlets and certain other strategic decisions.” Under the settlement, he will receive approximately $1.1 billion but will have no future role in the companies.

Elisabeth Murdoch (57)

The only daughter from Rupert’s marriage to Anna Torv, Elisabeth has had a successful career in television production, founding production companies Shine (later sold to her father’s company) and Sister. Though less publicly outspoken than James about the family business, she has been aligned with her brother in the succession dispute. Like James, she will receive approximately $1.1 billion in the settlement.

Prudence MacLeod (67)

Rupert’s oldest child from his first marriage to Patricia Booker, Prudence has typically maintained a lower public profile than her siblings but joined with James and Elisabeth in opposing their father’s attempt to change the trust terms. She will also receive approximately $1.1 billion as part of the settlement.

Grace (23) and Chloe Murdoch (22)

Rupert’s daughters from his marriage to Wendi Deng Murdoch, Grace and Chloe will be beneficiaries of the new family trust along with their half-brother Lachlan. They had non-controlling stakes in the original trust and will now benefit from the new $3.3 billion trust that will control the family’s media empire.

A spokesperson for James Murdoch issued a statement on behalf of the three siblings who opposed the trust changes, saying: “Prudence, Elisabeth and James are pleased that the matter is now behind them.” This carefully worded statement notably lacks any expression of satisfaction with the outcome itself, suggesting the siblings may view the resolution more as a pragmatic end to a difficult chapter than a truly desired outcome.

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MARKET REACTIONS AND FINANCIAL IMPLICATIONS

The financial markets have responded positively to the clarity provided by the settlement. Media analyst Rich Greenfield of Lightshed wrote on September 8 that “Now that Lachlan Murdoch has cemented control in a post-Rupert world, we would not be surprised to see an increased level of aggressiveness around M&A. While Fox bought back $1.25 billion of stock in 2025, with the company dramatically outperforming its industry peers, the company is sitting on considerable balance sheet firepower.”

This assessment aligns with Lachlan Murdoch’s own comments at the Goldman Sachs conference, where he also noted that the company’s advertising sales, “which are primarily focused on its sports and news programming, remain ‘very strong,’ in contrast to other media companies, who have seen some pullback from marketers and media buyers, particularly around entertainment programming.”

The settlement provides several key financial benefits for the companies and their investors:

 1.  Elimination of uncertainty: With clear leadership succession established, investors no longer need to worry about potential disruption to company strategy following Rupert Murdoch’s eventual passing.

 2.  Potential for strategic acquisitions: With Lachlan firmly in control and the company’s strong balance sheet, Fox and News Corp are well-positioned to pursue strategic acquisitions in a rapidly evolving media landscape.

 3.  Consistent corporate vision: The settlement ensures continuity in the companies’ strategic direction, which has proven successful in terms of financial performance, particularly for Fox News.

Claire Enders, CEO and founder of UK-based media research firm Enders Analysis, noted the importance of this continuity for shareholders: “You know that there will always be a conservative guardian of Fox News. And frankly, if I were a shareholder, I would really think this was a very good move.”

For the three siblings receiving payouts, the settlement provides substantial liquidity without the ongoing responsibilities and potential conflicts of corporate governance. Each will receive approximately $1.1 billion, funded in part by the sale of Fox and News Corp stock, representing a significant premium over what they might have received through normal inheritance channels.

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POLITICAL AND MEDIA LANDSCAPE IMPLICATIONS

The settlement has significant implications for the political and media landscape, particularly in the United States, United Kingdom, and Australia, where Murdoch media properties wield considerable influence.

Continued Conservative Editorial Direction

Perhaps the most immediate and obvious consequence is the preservation of the conservative political orientation of Fox News and many of the Murdoch print publications. As former Sunday Times editor and founding chair of Sky TV Andrew Neil noted, Rupert’s primary concern was that “when he went to the great newsroom in the sky Lachlan would be outvoted” by his three oldest siblings “who are of a small ‘l’ liberal bent.”

With those siblings now removed from any governance role, Lachlan’s control ensures the continuation of the conservative editorial stance that has defined Fox News and many of the Murdoch publications, particularly in the U.S. and Australia.

Implications for Political Coverage in Election Cycles

The timing of this settlement is particularly significant given the upcoming election cycles in the United States and other countries where Murdoch outlets operate. The clear establishment of Lachlan’s control means that the editorial direction of these influential media outlets is now firmly established heading into these critical political periods.

Fox News, in particular, will continue to play an outsized role in shaping Republican political discourse, candidate selection, and policy priorities. The network’s primetime opinion hosts regularly attract several million viewers and have demonstrated the ability to influence both voter attitudes and politician behavior.

Digital Transformation and Competition with Tech Platforms

Another key implication of the settlement is that it positions Lachlan Murdoch to accelerate the digital transformation of the family’s media properties. With clear control and a strong balance sheet, he can now pursue more aggressive strategies to compete with tech platforms that have disrupted traditional media business models.

The Wall Street Journal has been one of the more successful traditional publications in building a sustainable digital subscription business, while Fox News has maintained strong audience engagement across platforms. With the uncertainty of succession now resolved, these properties can focus more intently on continuing this digital evolution.

Potential for Media Consolidation

Industry analysts have suggested that with the settlement in place, Lachlan Murdoch may pursue more aggressive merger and acquisition strategies. As the media landscape continues to consolidate in response to changing consumer behaviors and the rise of streaming platforms, the Murdoch properties are well-positioned to be either acquirers or potential partners in further industry consolidation.

The recent news that “Paramount Skydance is preparing a bid to acquire Warner Bros,” mentioned in reporting on the settlement, illustrates the ongoing consolidation in the media industry. With clear leadership and strategic direction now established, Fox and News Corp can more confidently evaluate their positions in this evolving landscape.

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HISTORICAL CONTEXT: THE BUILDING OF A MEDIA EMPIRE

To fully appreciate the significance of this settlement, it’s important to understand the historical context of how Rupert Murdoch built his media empire over the course of more than six decades.

Rupert Murdoch began his media career in 1952 when he inherited a small Australian newspaper, The News, following his father’s death. From this modest beginning, he embarked on a decades-long expansion that would transform him into one of the most powerful media figures in history.

His early strategy involved acquiring struggling publications, often tabloids, and revitalizing them with a populist editorial approach that emphasized sensational stories, sports coverage, and conservative political views. This approach proved successful in Australia, where he expanded his holdings throughout the 1950s and 1960s.

In 1969, Murdoch made his first major international move, acquiring the British newspaper News of the World, followed shortly by The Sun, which he transformed into a hugely popular tabloid. These acquisitions marked the beginning of his influence in British media and politics, which would grow substantially over the subsequent decades.

Murdoch’s entry into the U.S. market began in 1973 with the purchase of the San Antonio Express-News, followed by the New York Post in 1976. His most significant American acquisitions came in the 1980s, when he purchased 20th Century Fox film studios and several television stations, which would become the foundation for the Fox Broadcasting Company launched in 1986.

The launch of Fox News in 1996 perhaps represented the pinnacle of Murdoch’s influence on American political discourse. Under the leadership of Roger Ailes, Fox News developed a conservative-leaning alternative to CNN and quickly built a loyal audience that made it the most-watched cable news network in the United States, a position it has largely maintained for over two decades.

Throughout this expansion, Murdoch demonstrated a remarkable ability to identify undervalued media assets, revitalize them with his populist approach, and leverage them for both commercial success and political influence. He also showed a willingness to take significant financial risks, at times accruing substantial debt to finance acquisitions before using the cash flow from his growing empire to pay down that debt and fund further expansion.

This aggressive approach to building his empire has not been without controversy. Critics have long accused Murdoch of using his media properties to advance his personal political views and business interests, while supporters point to his success in building profitable media businesses that serve audiences they believe were previously underserved by mainstream outlets.

The empire that Lachlan now inherits through this settlement is the product of these decades of strategic acquisitions, risk-taking, and cultivation of political influence. It represents one of the most successful media conglomerates in history, with properties spanning multiple countries and formats, from traditional newspapers to digital platforms, television networks, and film studios.

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EXPERT ANALYSIS: VOICES FROM THE INDUSTRY

Media experts have offered varying perspectives on the significance of the settlement and its implications for the future of the Murdoch empire and the broader media landscape.

Matthew Ricketson, professor of communication at Deakin University in Melbourne, emphasized the personal cost of Rupert’s determination to secure his desired succession plan: “He seems to have torn apart his family in the process. It is now resolved but you can’t see them all being very happy about it and the bitter irony is Rupert Murdoch has always said that he has built this business, it is a family business, he wants his family to take it over when he eventually passes on.”

Andrew Neil, the former editor of the Sunday Times and the founding chair of Sky TV, characterized the outcome as “a success for Rupert Murdoch, though ‘an expensive success.’” Describing Lachlan as a “chip off the old block,” Neil said Rupert’s fear was that “when he went to the great newsroom in the sky Lachlan would be outvoted” by his three oldest siblings “who are of a small ‘l’ liberal bent.”

Claire Enders, CEO and founder of UK-based media research firm Enders Analysis, focused on the implications for Fox News and its shareholders: “You know that there will always be a conservative guardian of Fox News. And frankly, if I were a shareholder, I would really think this was a very good move.”

Rich Greenfield, an analyst at Lightshed, suggested that the settlement could presage more aggressive business moves: “Now that Lachlan Murdoch has cemented control in a post-Rupert world, we would not be surprised to see an increased level of aggressiveness around M&A. While Fox bought back $1.25 billion of stock in 2025, with the company dramatically outperforming its industry peers, the company is sitting on considerable balance sheet firepower.”

These varied perspectives reflect the multiple dimensions of the settlement’s significance—as a family drama, a business transaction, a guarantee of editorial continuity, and a platform for future strategic moves in a rapidly evolving media landscape.

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THE ROAD AHEAD: FUTURE CHALLENGES AND OPPORTUNITIES

While the settlement provides clarity about leadership and control of the Murdoch empire, Lachlan Murdoch still faces significant challenges and opportunities as he looks to the future:

Digital Transformation

Despite the success of properties like The Wall Street Journal in building digital subscription businesses, the Murdoch empire, like all traditional media companies, continues to face disruption from digital platforms and changing consumer behaviors. Lachlan will need to accelerate digital transformation efforts across the portfolio to ensure long-term viability.

Streaming Competition

Fox’s decision to sell its entertainment assets to Disney in 2019 meant it largely stepped back from the streaming wars that have consumed the media industry in recent years. However, as streaming continues to evolve and potentially consolidate, Lachlan will need to determine whether Fox should reenter this space more aggressively or continue to focus on its core news and sports programming.

Political Polarization

Fox News has thrived in an era of increasing political polarization, but this environment also presents challenges. The network faces competition from both more extreme conservative outlets and from established competitors like CNN. Navigating this polarized landscape while maintaining audience loyalty and advertiser support will require careful editorial judgment.

Regulatory Environment

Media companies have long faced regulatory scrutiny, and this is unlikely to change. Depending on political outcomes in key markets like the U.S., UK, and Australia, Lachlan may face either more or less favorable regulatory environments for potential acquisitions or changes to existing business models.

Global Expansion

While the Murdoch empire already has a significant global footprint, there may be opportunities for further international expansion, particularly in digital markets. Lachlan’s leadership approach to global strategy will be an important factor in the companies’ future growth.

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CONCLUSION: THE LAST CHAPTER OF A MEDIA DYNASTY?

The $3.3 billion settlement marks what many see as the final chapter in Rupert Murdoch’s six-decade effort to build and secure the future of his media empire. At 94, he has achieved his goal of ensuring that his chosen successor, Lachlan, will have uncontested control of the companies he built, free from potential interference from his siblings.

The price of this victory—$3.3 billion and the alienation of three of his children from the family business—has been substantial. Yet for Rupert, who has never shied away from making difficult or controversial decisions in pursuit of his business and political goals, it may well seem worth the cost.

For Lachlan, the settlement represents both an opportunity and a burden. He now has clear control of a global media empire with enormous influence and financial resources. But he also bears the responsibility of preserving and extending his father’s legacy in a media landscape that continues to evolve rapidly.

For the global media industry, the settlement provides clarity about the future direction of one of its most significant players. The conservative editorial stance of Fox News and many of the Murdoch publications will continue, maintaining their influence on political discourse in the U.S. and elsewhere.

And for media consumers, particularly in the U.S., UK, and Australia, the settlement ensures that the Murdoch voice—powerful, populist, and predominantly conservative—will continue to shape public debate long after Rupert Murdoch’s eventual passing.

In many ways, this settlement represents the real-life finale to a succession drama that has fascinated the media industry and the public for years. Unlike the fictional “Succession,” however, this ending provides a clear winner and a definitive path forward for one of the world’s most powerful media empires.

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