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Rupert Murdoch, 94, has anointed Lachlan Murdoch, his oldest son, as leader for decades to come, of a conservative media empire that includes Fox News, the The Wall Street Journal and the New York Post as well as prominent outlets in the U.K. and Australia.

The elder Murdoch engineered billions in transactions to end a succession battle among his children and bolster Lachlan's role in charge of Fox Corp. and News Corp.

Lachlan, 54, emerged as the winner Monday in a years-long rivalry with his brother James, 52, over who would control the family's extensive holdings. The succession adds to the already bright spotlight that's focused on Lachlan as he came to be seen as the most likely heir to preserve the conservative identity that defines his fathe

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