Podcast Summary: The Town with Matthew Belloni
Episode: The Murdoch Succession War is Over, and Fox Crowns its Next Leader
Date: September 9, 2025
Host: Matthew Belloni
Guest: Jim Rutenberg (New York Times reporter, Murdoch family chronicler)
Brief Overview
This episode offers an in-depth analysis of the dramatic end to the Murdoch family succession battle following yesterday's landmark settlement. Host Matthew Belloni and veteran Murdoch reporter Jim Rutenberg break down what led to the buyout of Rupert Murdoch’s non-heir children, what it means for the future of Fox, and how Lachlan Murdoch is now firmly crowned as the sole leader of the empire. The discussion covers family intrigue, legal maneuverings, the media landscape, and the implications for conservative media and democracy.
Key Discussion Points and Insights
The Murdoch Succession Settlement: What Happened and Why
[02:09 – 03:39]
- Rupert Murdoch, now 94, has been embroiled in a high-stakes legal battle over the trust that governs his media empire (Fox News, Fox Sports, NY Post, Wall Street Journal, etc.).
- The trust initially mandated equal votes for all four of his adult children: Lachlan (the chosen heir), James, Elizabeth, and Prudence.
- Recent Nevada court rulings threatened Lachlan’s control, opening the door for his more liberal siblings to gain a majority after Rupert’s passing.
- In a "bombshell" settlement, the three non-heir siblings agreed to be bought out for around $1.1 billion each, ceding control to Lachlan. This is on top of the $2 billion each previously received from the Disney asset sale in 2019.
"Yesterday we got the bombshell news that the Murdochs have settled. There will be a new trust ensuring Lachlan stays atop the empire. And the three other kids will be bought out..." – Matthew Belloni [03:11]
The Years-Long Family Drama
[04:42 – 06:14]
- The Murdoch family saga goes back decades, with earlier periods of apparent unity ("we have full support of our father") giving way to fractures post-Disney sale.
- The non-heir siblings’ initial position was simple: "Buy us out and we’ll go," driven partly by James's embarrassment over Fox News' content and disinterest in inheriting a conservative platform.
"James, in particular, was very embarrassed by the content of Fox News in the US." – Belloni [07:28]
- The legal structure prevented them from freely selling their trust shares to outsiders before 2030, creating a standoff.
Why Settle Now?
[08:46 – 14:58]
- Despite having strong leverage due to a Nevada probate ruling against Rupert’s plans, the three siblings ultimately chose cash over a protracted fight.
- The rapidly escalating legal costs (50 lawyers billing thousands an hour) and legal risks (including potential sanctions after James leaked information to The Atlantic) added pressure.
- Stock gains meant Fox was in a better position to pay the large sums; “a billion dollars each is cheap. Like, I thought it would be more.” – Belloni [14:58]
- Tax disputes also complicated resolution, but ultimately the parties found a path to the deal.
"When James Murdoch...spoke to the Atlantic...and put his name to sealed information from the trial that no one was supposed to talk about...that drew potential sanctions against James in the ongoing appeals process." – Rutenberg [13:16]
The Future: Lachlan’s Empire
[16:40 – 20:19]
- Lachlan is now uncontested chief of the Murdoch empire. The new trust ensures his control will continue for years.
- Discussion of what Lachlan might change:
- He is described as pragmatic and digitally forward.
- Significant recent moves include acquiring Tubi, buying podcast companies, and moving into streaming with Fox One.
- For now, few expect major shake-ups while Rupert is alive, as Lachlan is fiercely loyal to his father’s vision.
"As long as his father's alive, I don't see him doing a ton. And I'll tell you why – he is so devoted to his father." – Rutenberg [17:48]
- The possibility of exiting newspapers (e.g., the New York Post) is discussed, but Rupert’s sentimental attachment means they're likely safe for now.
Fox’s Market and Political Power
[21:15 – 25:15]
- Fox News is affirmed as “the star around which the conservative media universe rotates.”
- Its ratings continue to outpace other cable and even some broadcast networks, despite an aging audience.
- Fox’s mixture of political clout and profitability is rare; advertisers who once shunned Fox are returning amid political polarization.
"It doesn't matter that its audience is old. It is the star around which the conservative media universe rotates." – Belloni [23:22]
- Discussion of Fox’s handling of litigation (Smartmatic and Dominion cases) and how Lachlan might (or might not) handle risky editorial strategies going forward.
The Murdochs’ Motives and the Notion of 'Winning'
[26:00 – 28:12]
- Rutenberg emphasizes that this isn't simply about money; for Rupert, ideological legacy is paramount.
- The siblings' priorities remain ambiguous—while some liberals hoped James would "save" Fox, there’s little evidence that was truly his mission.
- Lachlan and Rupert emerge as the clearest winners—for now.
"Rupert is definitely the biggest winner because this was what he wanted all along." – Rutenberg [27:36]
- There’s speculation whether Elizabeth or James might deploy their windfalls to start rival ventures, but most agree the immediate battle is over.
Memorable Moments & Notable Quotes
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On the sheer spectacle and drama:
"It's like the Toronto Film Festival for a premiere." – Belloni on the lawyers' presence in Reno [12:55]
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On Murdoch family dynamics:
"Now they meet at the Harvard Club. They're representatives. Not them. The representatives meet at the Harvard Club. Can we find our way to a deal?" – Rutenberg [14:02]
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On Fox’s enduring influence:
"They are the only ones making real money in cable news...They're going to be able at some point...to transition that brand over." – Belloni [16:40]
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On succession and legacy:
"He tells Jerry Fabricamp, one of our great veteran media reporters at the time, well, yeah, that could be a problem one day." – Rutenberg on Rupert’s foresight [26:43]
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On defining winners and losers:
"Hard to be a loser with a billion dollars in your pocket." – Belloni [27:59]
Timestamps for Important Segments
- [02:09] – Murdoch trust structure and set-up for the battle
- [03:26] – Recap of buyout figures and Fox’s future
- [04:42] – Family history and rise of Lachlan
- [07:28] – The siblings' motivations and James’s stance
- [08:46] – [13:16] – Legal maneuvering, leverage, and events leading to settlement
- [14:43] – The Harvard Club meeting as a scene out of 'Succession'
- [16:40] – Discussion of Fox’s valuation, digital strategy, and empire structure
- [17:48] – What Lachlan will (or won’t) change
- [21:15] – [25:15] – Fox’s influence, digital pivots, and political sway
- [26:00] – Court dramas, legacy, and the real winners
- [27:36] – Wrap-up on winners/losers and speculation on the siblings’ futures
Tone & Language
The tone throughout is incisive, a little wry, and full of both industry and family insight—very much in the "insider" journalistic style. Belloni and Rutenberg maintain a balance of skepticism, amusement, and historical perspective, often likening the saga to HBO's Succession (“Of course, the Harvard Club,” [13:56]).
For Listeners Who Missed the Episode
The episode delivers a thorough, accessible, and entertaining explanation of the Murdoch succession battle's resolution. If you want to understand not just what happened, but why it matters — for the Murdoch family, for Fox and conservative media, and for the broader political landscape — this episode offers the essential context and sharpest analysis currently available.