How Lachlan Murdoch sealed the deal that cemented his control over the family empire
Only a few weeks ago, the billionaire was locked in a bitter struggle with his siblings. Australian executive Siobhan McKenna was at the centre of resolving it.
As recently as early August, Lachlan Murdoch was bracing for a long road ahead in his court battle against his siblings over the family trust controlling their shares in its two listed media multinationals, News Corp and Fox Corp.
The chances of success in an appeal of a Nevada probate commissioner's opinion, who had moved to deny his initial bid to amend the Murdoch Family Trust, was highly uncertain.
Yet just weeks later, the Murdoch heir has emerged with unmatched control over two of the world's most influential media businesses. And once again, his Australian lieutenant Siobhan McKenna played an instrumental role in securing that outcome.
The deal, announced early on Tuesday, effectively involves Lachlan borrowing USD1 billion to fund a settlement with his oldest siblings — James, Elisabeth and Prudence Macleod — who will also sell their stakes in the two companies for billions more.
