(In the title, read well “back” (not “climb”)
(Reuters) – Class B actions Fox Corp and News Corp is retreating on Tuesday in a forefoot, after the Murdoch family concluded an agreement giving Lachlan Murdoch, eldest son of Rupert Murdoch, close to the American conservatives, control over the family media empire, which includes the Fox News television channel and the Wall Street Journal.
Before the bell, the class B action Fox Corp. sold 4.4% to $ 54.29, that of News Corp. Abandoning 4.5% to 32.44 dollars, characterized by a very low volume.
The agreement, announced on Monday, puts an end to the family quarrel for control of the Conglomerate of Rupert Murdoch, regulating a succession crisis triggered after the death of the patriarch and founder of Fox.
This saga, which would have inspired the famous American series “succession”, thus finds an epilogue which preserves the conservative orientation of the media Empire of Rupert Murdoch.
According to a source, James Murdoch, Elisabeth Murdoch and prudence MacLeod, the children of Rupert Murdoch, should each receive around 1.1 billion dollars (936.25 million euros).
They agreed to give up their shares in Fox and News Corp over a period of six months, according to the announcement.
Within the framework of the agreement, the heirs will receive liquidity from the sale of approximately 16.9 million shares with class B voting law of Fox Corp and approximately 14.2 million ordinary class B shares of News Corp.
The sale, made with a discount of approximately 4.5% compared to the last closing course of the two companies, made it possible to raise nearly $ 1.37 billion.
A new family trust will be created for the benefit of Lachlan Murdoch and his younger sisters Grace and Chloe Murdoch, daughters of Rupert Murdoch from his marriage to Wendi Deng Murdoch. This trust, worth around 3.3 billion dollars according to the source, will hold 36% of the class B ordinary shares of Fox and 33% of class B shares of News Corp, according to the declarations of the companies.
(Dawn Chielewski, Juby Babu and Aditya Soni, and launches Tupper; Elena Smirnova; edited by Augustin Turpin)
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