Rupert Murdoch's children have reached a settlement in the legal dispute over control of the right-wing media mogul's companies, News Corp and Fox Corp announced Monday.

The agreement resolves litigation after siblings had contested Murdoch's effort to install as successor his son Lachlan, who shares his father's political orientation.

But a Nevada court had blocked the 94-year-old's effort.

The new deal establishes a trust to replace the Murdoch Family Trust that had included Lachlan plus three other Murdoch siblings.

Under the agreement, Prudence MacLeod, Elisabeth Murdoch and James Murdoch will receive cash based on equity sales and cease to have holdings in either media company.

US media said the value of the settlement would be $3.3 billion, to be split evenly among the three sib

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