Lachlan Murdoch, Fox Corp. CEO and chairman of News Corp. (Photo by Drew Angerer/Getty Images)
Getty Images
For years, the Murdoch family drama has played out like a real-life version of HBO’s Succession — its heirs and rival power brokers contributing to a quasi-Shakespearean media saga that’s captivated investors, press critics, and political observers alike. But with patriarch Rupert Murdoch’s eldest son Lachlan now having secured long-term control of Fox and News Corp via a new family trust that extends his leadership to 2050, at least one major chapter in that drama — the battle over succession — is effectively over.
Lachlan’s control ensures, among other things, that the family’s media empire will continue leaning to the right, an idealogical direction that’s been core to its identity. “It means security for the common-sense worldview critical to not only the businesses but the audiences they serve,” Col Allan, a former New York Post editor and Rupert Murdoch ally, told The New York Times about Lachlan’s leadership.
Analysts, meanwhile, have started speculating over what comes next. A MoffettNathanson analyst note published today frames one such possibility: “Perhaps the biggest question related to both Fox and News Corp’s stocks now that this is resolved is whether Rupert and Lachlan will look to merge Fox and News Corp. again? Or will the new family trust explore any additional M&A with its own future secure?”
Looking ahead at Fox and News Corp.
A re-combination isn’t actually as far-fetched as it might seem.
Rupert Murdoch himself pushed for that re-combination back in 2022–2023 (more details here), arguing the two businesses needed each other to withstand cord-cutting and other pressures. Shareholders balked, citing differences between TV and publishing, as well as the prospect of the move simply consolidating power under Lachlan. With his siblings no longer able to block him, that Lachlan concern is now moot — while the same business pressures remain.
The fallout from the UK phone-hacking scandal, for example, saw James Murdoch step back from leadership of News Corp.’s UK newspaper division. That turn of events arguably contributed to Rupert Murdoch’s decision to split News Corp into two separate publicly traded companies in 2013. Both Lachlan and James were appointed to the boards of both companies, and that period eventually paved the way for the sale of 21st Century Fox to Disney.
Even if Fox and News Corp. continue to remain separate, meanwhile, deal speculation will continue.
Fox’s bread and butter is live news and sports, areas defined by things like expensive rights battles where scale is crucial; additional sports acquisitions or buys of smaller cable assets could be smart plays. News Corp, meanwhile, has print and digital advertising concerns to focus on, leaving the door open to potential mergers or divestitures. And there’s still another wildcard:
Private equity, wealthy businessmen, and even tech giants all regularly kick the tires on legacy media. For years, the Murdoch empire looked too messy to touch — caught up in sibling infighting, lawsuits, and a family trust that had been set to run out just a few years from now. With Lachlan now firmly in charge through 2050, it could be argued that Fox and News Corp. suddenly look a lot less complicated for anyone thinking about deals.
The upheaval at Paramount, where David Ellison and Skydance finally closed their long-awaited merger, shows how consolidation is reshaping the industry. If nothing else, newfound stability at the top of the Fox and News Corp. empire makes it easier for investors to start imagining and talking about scenarios that might have seemed unlikely before.