The media world got an unexpected piece of news late Monday evening as News Corporation announced a “Resolution of [the] Murdoch Family Trust Matter” that solidifies the future of Rupert Murdoch’s media empire.
According to the release, Fox Corporation, the parent company of Fox Sports, Fox News Media, Tubi, and numerous other media assets, will remain in the hands of its current CEO, Lachlan Murdoch, after his father’s death. Last year, Rupert and his son Lachlan attempted to change the terms of the family trust to ensure that Murdoch’s other children, James, Prudence, and Elizabeth — each with a quarter of the trust’s voting shares — would not be able to push out Lachlan, Rupert’s preferred successor, after the patriarch’s death.
The news has wide-ranging implications for the future of Fox Corporation and, thereby, Fox Sports. With Lachlan firmly in control for now and into the future, ownership of Fox is very likely to remain under Murdoch control for the long term. Prior to the change in the family trust, analysts and Murdoch observers had speculated Rupert could consider selling the majority of his media assets before his death. As recently as last month, reports emerged that Rupert had engaged in merger talks with Warner Bros. Discovery owner John Malone in 2024.
Until today, the family trust has created significant uncertainty regarding the future of Fox Corporation. For years, the sticking point over the future of Fox Corporation has centered around the future of conservative cable network Fox News. Lachlan is aligned with his father Rupert’s conservative vision for the network, while the three other children would’ve potentially exercised their majority share in the family trust to change the channel’s editorial slant.
With that no longer a possibility, and Lachlan solidified as the company’s successor, Fox will focus on growing its forward-looking businesses. The company recently launched its direct-to-consumer streaming service, Fox One, which it will look to bundle with other major streaming apps to connect with consumers outside the traditional cable bundle. The company has also recently acquired “new media” assets like Red Seat Ventures, a conservative podcast company. It also, of course, owns the popular free streaming platform Tubi, which aired the Super Bowl last season.
The future of Fox now looks much more predictable than it did before today’s announcement. Without the ownership uncertainty that would’ve come under the old terms of the family trust after Rupert’s death, Lachlan can attempt to grow the business in his vision, absent the threat of a takeover from his siblings.
Fox Sports will likely remain a key part of that future. The company owns increasingly valuable broadcast rights to the NFL, college football, and numerous other live sports. That makes Fox an essential part of any sports fan’s lives, and thus a necessary partner for any distributor of live content.
About Drew Lerner
Drew Lerner is a staff writer for Awful Announcing and an aspiring cable subscriber. He previously covered sports media for Sports Media Watch. Future beat writer for the Oasis reunion tour.