Murdochs reach deal in succession battle

Lachlan Murdoch will retain control of the conservative Fox and News Corp empire under the deal.

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The deal, which the family announced on Monday, will ensure the ongoing conservative leaning of Fox News, The Wall Street Journal and The New York Post after 94-year-old Rupert's death.

Under the agreement Lachlan will control a new trust while siblings Prudence MacLeod, Elisabeth Murdoch and James Murdoch will cease being beneficiaries of any trust with shares in Fox or News Corp.

It follows years of tension between the media mogul and three of his children over the future of the family-owned newspapers and television networks.

The Murdoch family's internal turmoil served as inspiration for the hit television drama Succession. The deal announced on Monday - the finale of the real-life saga - ends all litigation over the family's trust.