His position in leading News Corp. and Fox is now secure, as his father ends a dramatic succession battle. Lachlan grew up in New York City but has lived in Australia for much of his adult life.

The Murdoch family has structured a reported $3.3-billion settlement to buy out the stakes of James Murdoch, Elisabeth Murdoch and Prudence MacLeod.

News Corp announced a conclusion to the family feud over control of conservative media brands like Fox News and The Wall Street Journal.

The family’s empire, built over more than 70 years by his father, Rupert, is his to control for probably decades to come. Thanks to a $3.3 billion deal he reached with his three oldest siblings, Mr. Murdoch will be able to oversee the family’s media business until at least 2050.

"It's great news for investors," Rupert Murdoch's eldest son said of the family settlement. "It gives us a clarity about our strategy going forward — and shows that our strategy will be consistent."

On Monday, the Murdoch family announced the settlement over the trust, with Lachlan securing control of the family jewels: News Corp. and Fox Corp. His siblings, James Murdoch, Elisabeth Murdoch and Prudence MacLeod, will each receive about $1.1 billion funded in part by the sale of Fox and News Corp. stock.

Lachlan Murdoch just won control of his family’s two media companies, Fox Corp. and News Corp., after a fractious and much-scrutinized legal scrum among the eldest children of founder Rupert Murdoch.

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