In a seismic development in the decades-long media dynasty presided over by Rupert Murdoch , a settlement has been reached in a Nevada family trust legal fight.

The settlement will see James and Elisabeth Murdoch and Prudence MacLeod formally cut ties with the family and will surrender all their equity in News Corp and Fox Corp. They had objected to several aspects of the strategic path taken by Rupert Murdoch, now 94. In part, James and Elizabeth Murdoch, who blazed their own separate trails in the media business, had concerns about Fox News and the close affiliation of the news network with the family.

Lachlan Murdoch , who currently runs Fox Corp. as CEO, has been reaffirmed as the heir apparent in the settlement. Grace Murdoch and Chloe Murdoch, who are the daughters of Rupert

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