Murdoch’s $3.3 Billion Succession Deal Hands Lachlan Control

Rupert Murdoch and his children resolved a messy family feud with a settlement that gives favored son Lachlan Murdoch broad control and ensures Fox News and the rest of the sprawling media empire retains its conservative slant.

Under the agreement announced Monday, the 54-year-old son will become the sole decision maker for the trust that controls Fox Corp. and News Corp., while three of Murdoch’s children — Prudence, Elisabeth and James — will cede their stakes. Instead, they’ll receive $1.1 billion each, according to a person with knowledge of the matter.