The Murdoch family have reached a deal which will see Rupert Murdoch’s son Lachlan cement control of the family media empire that includes Fox News and The Wall Street Journal.
The agreement ends a battle over who will control one of the highest-profile global media groups.
The dispute is thought to have been one of the inspirations for the television series Succession, about the infighting of the members of a media dynasty.
Under the deal, Rupert’s children James Murdoch, Elisabeth Murdoch and Prudence MacLeod will sell their personal holdings in Fox and News Corp over a period of six months.
In return, they are each expected to receive about $1.1bn (£810m) in proceeds, according to a source.
Fox Corp said on Monday it had reached a mutual resolution, putting an end to all legal proceedings.
A new family trust will be created to benefit Lachlan Murdoch, and his younger siblings Grace and Chloe Murdoch, who are Rupert’s children from his marriage to Wendi Deng Murdoch.
A battle over the global television and publishing empire had played out last year in a Nevada courtroom, where a judge considered the contentious matter of succession.
Rupert, 94, attempted to change the terms of the family’s trust, which was set up after his 1999 divorce from his second wife, Anna.
The trust holds significant stakes in Fox News parent Fox and Wall Street Journal owner News Corp.
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Under the original trust, News Corp and Fox voting shares would have been transferred to Rupert’s four oldest children – Prudence, Elisabeth, Lachlan, and James – upon his death.
But Rupert had proposed an amendment to the trust after he feared that three of his heirs, James, Elisabeth and Prudence, could mount a coup to oust Lachlan, who is executive chairman of Fox and chairman of News Corp.
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A court rejected that plan in December, saying Rupert and Lachlan had acted in “bad faith” in seeking to amend the irrevocable trust.
Mr Murdoch launched Sky, which includes Sky News, in 1989. In 2018, 21st Century Fox sold their 39% stake in the firm to Comcast.
