Media magnate Rupert Murdoch and his eldest son, Lachlan Murdoch, have reached a final agreement in a long-standing family dispute over the succession of their media empire.

The deal secures Lachlan’s leadership of Fox Corporation and News Corp, and is valued at approximately $3.3 billion.

Under the terms, Lachlan will retain control via a restructured family trust that includes himself and his younger half-sisters, Grace and Chloe Murdoch.

The three older siblings—Prudence MacLeod, Elisabeth Murdoch, and James Murdoch—will each receive about $1.1 billion in cash and will no longer be beneficiaries of the trust holding shares in the key media companies.

They are also restricted from future involvement with Fox or News Corp and will divest their holdings within six months.

This agreement resolves what had become a high-profile legal battle.

A Nevada court previously blocked attempts by Rupert and Lachlan to amend the family trust in a way that would have granted Lachlan exclusive control—ruling those efforts lacked good faith.

The settlement now offers clarity and stability for the future of the Murdoch media empire.

Rupert Murdoch will continue his role as chairman emeritus, while Lachlan maintains strategic direction as chief executive.

The new structure ensures conservative leadership continuity for flagship media assets such as Fox News and The Wall Street Journal.

The outcome preserves the family’s media vision and forestalls further litigation, reinforcing Lachlan's stewardship while compensating his siblings and upholding corporate and familial harmony.