Lachlan Murdoch says trust deal is great for investors in first remarks after settlement

10 September (Reuters) – FOX Corp CEO Lachlan Murdoch said that the agreement on Murdoch Family Trust was “great news for investors” on Wednesday, and since the agreement will provide clarity and continuity to the company’s strategy.

The agreement announced on Monday ended a long -term consecutive war of Rupert Murdoch’s political conservative son on the media empire, including Fox News and The Wall Street Journal.

“It gives us a clarity about our strategy about our strategy. It shows that our strategy will be consistent.” He said.

The agreement, which was reached after rejecting the Nevada court’s attempt to change family confidence last year, provides clarity in leadership and maintains the group’s conservative slope.

Rupert’s children James Murdoch, Elisabeth Murdoch and Prudence Macleod agreed to sell their presence in both FOX and News Corp for six months. A source told Reuters at the beginning of this week, each of them will receive $ 1.1 billion under the agreement.

Some of these will come with a discount of approximately 4.5%, which collects $ 1.37 billion from the sale of News Corp and Fox shares.

A new confidence, which benefits Lachlan and his younger brothers Grace and Chloe Murdoch, will receive 36% of Fox’s B class shares and 33% of News Corp’s B class shares.

Lachlan added that Fox’s strategy sold most of the company’s entertainment assets to Disney in 2019 and proved that the strategy was successful. (Reporting by Jaspreet Singh in Bengaluru; Arrangement by Alan Barona)