AsianFin -- Rupert Murdoch’s decades-long fight over the future of his media empire has ended in a sweeping settlement that cements Lachlan Murdoch as sole heir to the family’s most powerful assets, including Fox News and The Wall Street Journal.

The deal restructures the Murdoch Family Trust, resolving years of litigation between Rupert and Lachlan on one side and Rupert’s other children—Prudence MacLeod, Elisabeth Murdoch, and James Murdoch—on the other. The three siblings will exit the trust in exchange for multibillion-dollar payouts, people familiar with the matter said.

At the heart of the dispute was Rupert’s attempt to shift the trust from equal voting rights among his four eldest children to concentrated control under Lachlan. The settlement grants Lachlan voting authority over the trust’s stakes and secures his leadership as chairman and CEO of Fox Corporation, while also elevating him to managing director of a newly formed holding entity.

Rupert Murdoch, 94, will step back from decision-making and serve in a ceremonial capacity as chairman emeritus, retaining influence as figurehead but no voting power.

The settlement closes one of the most closely watched succession battles in global media, with repercussions for the future of U.S. politics and international journalism.