The Murdoch family has reached a deal that will see Rupert Murdoch's eldest son, Lachlan Murdoch, cement control of the family media empire. The politically conservative heir will helm the business that includes Fox News and the Wall Street Journal. The deal ends a family tussle over who will control the high-profile global media group, and puts to rest questions of succession within the Murdoch family after its patriarch's death. Under the agreement, Rupert's children James Murdoch, Elisabeth Murdoch and Prudence MacLeod will receive cash from the sale of about 17 million shares of Fox stock, and about 14 million shares of News Corp stock. The amount of the payment was not disclosed, but the New York Times reported that each of the adult children is expected to receive about $1.1 billion (£810 million) in proceeds. They agreed to sell their personal holdings in Fox and News Corp over a period of six months, according to the announcement. A new family trust will be created to benefit Lachlan Murdoch and his younger siblings, Grace Murdoch and Chloe Murdoch, who are Rupert Murdoch's children from his marriage to Wendi Deng Murdoch. This trust, worth about $3.3 billion (£2.43 billion), according to the Times, will hold all the Murdoch family's remaining shares in Fox and News Corp.