Fox News to Stay Right

Media billionaire Rupert Murdoch reached a deal that will likely keep his properties, including Fox News, conservative.

Context

Murdoch, 94, is the controlling owner of Fox News, The Wall Street Journal, the New York Post, and other right-leaning outlets in the UK and Australia. In recent years, his family has been in an intense feud over who will take control of the empire after Murdoch – tensions that partially inspired the show “Succession.”

Murdoch wanted to amend the family trust to put the properties under the control of his son, Lachlan, a conservative. His three other children – who were either outright opposed to or less politically aligned with Rupert – fought the amendment in court.

Deal Reached

On Tuesday, the family announced that it reached a deal that will leave Lachlan the controlling shareholder. The move effectively ensures that the media properties will maintain their conservative opinions after Murdoch steps down or dies. In exchange for giving up their ownership stakes, the other three Murdoch kids will receive $1.1B a piece.

End of a Saga

A “person familiar with the negotiations” told the Financial Times that “the decision ultimately came down to money over ideology.” Moving forward, Lachlan will have a 36% voting stake in Fox and 33% voting stake in News Corp, positioning him as one of the most important people in conservative media in the years ahead.