Thank you Dad! Murdoch children to share £9bn
RUPERT Murdoch’s deal with Disney will see his six children handed more than £1.5bn each.
The pay-outs will come when 21st Century Fox finishes the sale of its entertainment assets to Disney for £54bn.
The Murdoch Family Trust owns nearly 17pc of Fox, meaning it stands to make around £9bn from the landmark deal.
Its beneficiaries include Murdoch’s adult children from his previous marriages: Prudence MacLeod, Elisabeth Murdoch, Lachlan Murdoch and James Murdoch, Fox’s departing chief executive.
The billionaire’s teenage daughters from his marriage to third wife Wendi Deng Murdoch – Grace and Chloe – are also expected to take a share of the money.
It is not clear whether Murdoch’s trust will take payment in shares, cash or a mix of the two – options Disney has given Fox shareholders.
The sale will see a new company, known as ‘New Fox’, take what remains of Murdoch’s former empire, including assets such as Fox News and its sports channels. It will be led by Murdoch, 87, ( pictured), and his son Lachlan, 47, and will focus on live broadcasting.
Last year Murdoch said the change is part of a battle with internet rivals such as Netflix and Amazon Prime which had changed the media landscape.
He added: ‘We are pivoting at a pivotal moment.’
Businesses being bought by Disney include Fox’s film and television studios, National Geographic, Star India, a 30pc stake in video streaming service Hulu and pay-TV network FX.
Disney hopes to bolster its stock of shows with the takeover, paving the way for the giant to launch its own online service in the near future.
James Murdoch, 45, will leave Fox as part of the deal. He separately serves on electric car maker Tesla’s board and is said to be in the running to replace founder Elon Musk as chairman for at least three years.
Musk has so far denied that suggestion, however.
Elisabeth is the founder of video maker Vertical Networks and sold her former television production business, Shine, to Fox for £415m in 2011. Prudence, 60, is a director on the board of Times Newspapers.
Separately to the Disney deal, the Murdoch Family Trust will also benefit from the sale of Fox’s stake in British broadcaster Sky to Comcast for almost £30bn. Fox owns 39pc of Sky but has agreed to sell it to Comcast.
The trust’s other holdings include a stake in News Corp, which owns the Sun, The Times and Sunday Times newspapers.
It also has a farm in Australia, artwork and cash, according to a report by UK competition officials published earlier this year.
The trust is managed by Cruden Financial Services, which has six directors.
Yesterday a spokesman for Fox did not respond to a request for comment.