Lachlan Murdoch will now lead his father's vast media empire, including Fox News and the Wall Street Journal.
This decision ends a long family battle for control, ensuring a conservative direction for years to come.
A new family trust, expiring in 2050, solidifies Lachlan's control over Fox Corporation and News Corp.
Rupert Murdoch's other children will sell their shares, receiving substantial payouts and relinquishing control.
