Rupert Murdoch’s son Lachlan is set to take firm control of the family’s media holdings after a settlement brought an end to a long-running succession dispute.
The agreement covers Fox Corp and News Corp, owners of Fox News and The Wall Street Journal, and resolves legal proceedings that had played out in a Nevada court last year.
Under the deal, Rupert’s elder children, James, Elisabeth and Prudence, will sell their stakes in the two companies over the next six months.
Each is expected to receive about $1.1 billion from the transaction.
A new trust will be established that secures Lachlan’s position as heir, while also benefiting Rupert’s younger daughters, Grace and Chloe.
The clash over the future of the Murdoch empire stemmed from Rupert’s attempt to alter a trust originally created after his 1999 divorce from Anna Murdoch.