Lachlan Murdoch has solidified his control over the media empire founded by his father, Rupert Murdoch, who built it over a remarkable 70-year career. A recent settlement agreement, reported on Monday, outlines that Lachlan's siblings—Prudence, Elisabeth, and James—will sell their combined stake in the empire for approximately $3.3 billion. This deal ensures they will have no further involvement in either Fox Corporation or News Corporation under a long-term standstill agreement.

The settlement secures Rupert Murdoch's legacy as the architect of a powerful conservative media empire. It also guarantees that Lachlan will continue to steer the editorial direction of key assets, including Fox News, the New York Post, Sky News, and The Australian. The siblings' settlement price represents 80% of the market value of their voting shares in Fox and News Corporation, based on current share prices. Part of this stake will be offered to the public, with Morgan Stanley underwriting the deal.

Lachlan Murdoch's acquisition of his siblings' shares is not a straightforward buyout. Reports indicate that part of the settlement will be financed through loans. Following the deal, the Murdoch family's voting shares in Fox Corporation will decrease to 36%, while their stake in News Corp will drop to 31%. Lachlan believes this level of ownership will be sufficient to maintain control.

The settlement effectively ends a contentious family dispute that unfolded last year in a Nevada probate court. This court case involved the Murdoch Family Trust, which was established in 1999 after Rupert's divorce from his second wife, Anna. The trust was designed to prevent future offspring from gaining control of the business. Under the trust, Rupert held four voting shares, while his four older children each held one.

While Rupert was alive, he maintained complete control. However, his death raised concerns about a potential power struggle among the siblings. Lachlan and James had increasingly diverged in their views on the editorial direction of the Murdoch media assets, particularly during the Trump era. Lachlan has adopted a more conservative stance, similar to his father's, while James has been a Democratic donor, and his sisters lean more liberal on issues such as race, immigration, and climate change.

Rupert Murdoch had attempted to amend the irrevocable trust to grant Lachlan super-voting shares, but this effort was initially unsuccessful. A Nevada probate commissioner ruled that the amendment had been made in "bad faith." An appeal was in progress, but the legal proceedings were expected to be lengthy.