Rupert Murdoch’s family has reached a legal settlement that ends a years-long succession battle and confirms Lachlan Murdoch as the sole heir to the family’s global media empire.

The agreement, announced by News Corp, ensures Lachlan will assume full control of key assets—including Fox News, The Wall Street Journal, The New York Post, and The Times—following the death of the 94-year-old patriarch.

Under the terms of the deal, Lachlan, 54, will hold exclusive voting rights through a newly established family trust that will remain in place until 2050. He will share beneficiary status with his younger sisters, Grace and Chloe, while his three older siblings—James, Elisabeth, and Prudence—will exit the existing trust and receive an equal share of the equity sale, estimated at $3.3 billion.

The settlement follows a contentious legal dispute that began in 2023, when Rupert Murdoch attempted to restructure the family trust to grant Lachlan sole control. The move was challenged in court by his older children, culminating in a Nevada probate ruling that described the attempt as a “carefully crafted charade” intended to sideline the other heirs.

The new agreement includes a “long-term standstill” clause preventing James, Elisabeth, and Prudence from acquiring shares or influencing decisions at Fox Corp and News Corp. Lachlan, who has served as chairman of News Corp and CEO of Fox since 2023, is widely seen as aligned with his father’s conservative editorial stance.

News Corp’s board expressed confidence in Lachlan’s leadership, stating that his “vision and management will continue to guide the company’s strategy and success.” Media analysts say the deal secures continuity in the political orientation of Murdoch-owned outlets, while critics warn it may further entrench partisan narratives.

“This ensures the respective news outlets remain right wing and reactionary,” said Andrew Dodd, director of the Centre for Advancing Journalism at the University of Melbourne. Others, like Syracuse University’s Lynne Vincent, noted that the arrangement offers organizational stability and reflects Rupert Murdoch’s long-standing preference for Lachlan as successor.

The resolution of the succession saga—often likened to the plot of HBO’s Succession—marks the end of a turbulent chapter in one of the world’s most influential media dynasties.