Murdochs strike a $3.3-billion deal to end succession rift

Agreement follows legal drama between mogul, 3 of his children

- MEG JAMES

DREW ANGERER Getty Images LACHLAN MURDOCH is Rupert's eldest son.

The closely watched Murdoch succession drama has ended with a $3.3-billion settlement that gives Lachlan Murdoch control of the family's influential media assets, including Fox News, the New York Post and the Wall Street Journal.

Fox Corp. on Monday announced the "mutual resolution" of the legal wrangling that had clouded the future direction of the television company and the Murdochcontrolled publishing firm News Corp. The dollar figure was confirmed by a person familiar with the matter who was not authorized to comment publicly.

The succession dispute flared into public view last year after three of Murdoch's children attempted to block proposed changes that patriarch Rupert Murdoch wanted to make to his trust to cement his oldest son Lachlan's grip on power. In December, a Nevada probate commissioner rejected Rupert Murdoch's request to amend his trust amid the opposition by three of his adult children.

The 94-year-old mogul wanted to ensure the conservative leanings of his media empire would carry on and felt that Lachlan Murdoch, 54, who serves as chairman and chief executive of Fox, was the most ideologically compatible with his own point of view.

Until now, Rupert's four oldest children - Prudence MacLeod, Elisabeth Murdoch, Lachlan Murdoch and James Murdoch were set to jointly inherit control of the businesses. But, as part of the settlement, Prudence, Elisabeth and James agreed to relinquish their shares in the family trust and give up any roles going forward.