Rupert Murdoch's children have reached a settlement in their long-running legal dispute over control of the right-wing mogul's media empire, his companies announced Monday, cementing eldest son Lachlan's leadership.

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

A Nevada court had previously 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 reported the value of the s

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