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.

Rupert Murdoch buys out 3 of his children to seal fate of his media empire

The owner of Fox News, the Wall Street Journal and dozens of other media properties has settled a legal fight with three of his own children over who would control his companies after his death.

Lachlan, 54, emerged as the winner Monday in a years-long rivalry with his brother James, 52, o

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