Rupert Murdoch and his children reached a legal settlement that ensures eldest son Lachlan remains in charge of the family's globe-spanning media empire which includes Fox News and the Wall Street Journal. Prudence, Elisabeth and James Murdoch gave up their claims to the family trust that controls the businesses in exchange for $1.1 billion each, according to a person with knowledge of the matter. Bloomberg's Rosalind Mathieson reports.

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