Lachlan Murdoch Seals Control of Family Media Empire

Lachlan Murdoch is set to take the reins of his family's media empire, which boasts high-profile assets like Fox News and the Wall Street Journal. The agreement, confirmed on Monday, concludes the succession battle within the Murdoch dynasty and installs a clear leadership for the company's future.

Under the arrangement, Rupert Murdoch's other children, James, Elisabeth, and Prudence, will receive a significant financial payout from their sale of approximately 31.1 million shares in Fox and News Corp. Each is anticipated to gain about $1.1 billion, as per reports from the New York Times.

A trust benefitting Lachlan and his siblings, Grace and Chloe, will be established, securing $3.3 billion in shares. This resolves the contentious legal dispute over succession following a Nevada court's rejection of Rupert Murdoch's previous attempt to alter the family trust in favor of Lachlan.

(With inputs from agencies.)