Rupert Murdoch has resolved a bitter succession battle and ensured that his media empire will retain its conservative political slant under eldest son Lachlan after buying out three of his children for $3.3bn.
Each of those three Murdoch siblings — James, Elisabeth and Prudence — would receive $1.1bn apiece through a partial share sale by the family trust, according to people familiar with the matter. In exchange, they would give up their ownership interests in News Corp and Fox.
Murdoch’s children with Wendi Deng, Chloe and Grace, will join the trust with Lachlan Murdoch.
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