Lachlan Murdoch secures control of family's media empire upon death of Rupert Murdoch

Fox News titan Rupert Murdoch's media empire will officially be handed down to his oldest son, Lachlan Murdoch, upon Rupert's death as part of a massive multi-billion dollar agreement, Fox Corp and News Corp announced Monday.

Rupert and Lachlan Murdoch have been working to legally change a trust that was made with his second wife Anna, that gave power to their three children, Lachlan, Elizabeth and James. The trust initially gave voting shares to the four oldest children, and equal financial stakes to all of Rupert Murdoch's children.

The new agreement consolidates the media empire, which includes Fox News, the New York Post and The Wall Street Journal, under Lachlan in exchange for $1.1 billion buyouts to the other three siblings, per the New York Times.

The agreement ends the legal fight over the trust, and a new trust will be created that includes the two youngest Murdoch children, Chloe and Grace, and Lachlan, who will have controlling stakes in Fox Corp and News Corp.

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.