Murdoch family settles battle over trust

As part of the deal, Rupert Murdoch's eldest son Lachlan will take control of his media assets

- Jeffrey A. Trachtenberg

The Murdoch family has reached a deal to end its yearslong battle over control of its media empire. Lachlan Murdoch is set to take control of his father's media assets as part of an agreement announced Monday between the patriarch and his children. Lachlan will control all the votes in a new trust that will hold sizable stakes in Fox Corp. and News Corp once the deal is completed.

The transaction is valued at approximately $3.3 billion, according to a person familiar with the situation.

The Murdoch trust, which currently holds roughly 40% voting stakes in Fox and Wall Street Journal parent News Corp, was initially designed to give each of his four oldest children an equal voting share.