By Dawn Chmielewski

The Murdoch family has reached a deal that will see Rupert Murdoch’s politically conservative son Lachlan Murdoch cement control of the family media empire which includes Australia’s leading news publications, Fox News and the Wall Street Journal.

The deal ends a battle over who will control one of the highest-profile global media groups.

The family will create a separate trust for Rupert’s children James Murdoch, Elisabeth Murdoch and Prudence MacLeod, who will sell their personal holdings in Fox and News Corp over a period of six months.

Fox Corp says it has reached a mutual resolution on the legal proceedings related to the Murdoch Family Trust, resulting in the termination of all litigation.

A new family trust will be established to benefit Lachlan Murdoch, Grace Murdoch and Chloe Murdoch.

The Murdoch children will be beneficiaries of a new trust, which will receive cash from the sale of about 16.9 million shares of Fox Class B stock and about 14.2 million shares of News Corp’s Class B common stock.

The amount of the payment was not disclosed.