A years-long battle within Rupert Murdoch's media empire has ended in victory for his son, Lachlan, who will head the group, writes the BBC.
The agreement, announced Monday by the family, secures the conservative approach of Fox News, The Wall Street Journal and The New York Post after the 94-year-old passes away.
Under the agreement, Lachlan will control a new trust, while his sisters and brother, Prudence MacLeod, Elisabeth Murdoch and James Murdoch, will no longer be beneficiaries of funds with shares in Fox or News Corp.
The agreement comes after years of tension between the family head and three of his children over the future of the family-owned media network.
The Murdoch family's internal conflict served as inspiration for the hit series "Succession."
Lachlan's siblings, who are more politically moderate, will sell their Fox and News Corp shares in the coming months. They will be beneficiaries of a new fund that will receive money from the sale of 14.2 million News Corp shares and 16.9 million Fox Corp shares.
Selling the shares will add to each person's inheritance, but prevents them from having influence over the political direction of the family's media conglomerate.
In recent years, James has distanced himself from his family environment, citing disagreements over editorial content.
Lachlan is the chairman of News Corp, which includes The Wall Street Journal and The Times. He is seen as the most conservative of the Murdoch children. Lachlan has been at the helm of the media empire since Rupert stepped down in September 2023.
Of the businessman's six children, the four eldest were involved in the conflict. The younger daughters, Chloe and Grace, will also be beneficiaries of the new fund.
The battle took place behind closed doors in Nevada, a state that offers privacy in these matters, as Rupert tried to change the terms of the family trust.
He wanted the empire to remain in the hands of Lachlan alone rather than his four eldest children, but in December last year, a court rejected this and said Rupert and Lachlan acted "wrongly" by trying to change the trust.
According to the companies, Monday's agreement was a "joint resolution of the legal process."