Rupert Murdoch’s decades-long succession battle has ended with a deal that cements Lachlan Murdoch’s control of the family’s global media empire.

The agreement ensures that Fox News, The Wall Street Journal and other outlets will remain under conservative leadership after Rupert’s death. The Murdoch empire is valued at $3.3 billion, according to Monday reporting by the New York Times.

Lachlan’s three oldest siblings — Prue, Liz and James — will each receive $1.1 billion to surrender their shares, dissolving the old family trust and ending years of bitter litigation. A new trust, including Lachlan and his younger sisters Grace and Chloe, will hold the controlling stakes in Fox Corporation and News Corp.

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