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

Rupert Murdoch has pulled one final rabbit out of his hat. The 94-year-old media titan has ensured that his vast corporate empire — boasting Fox News, the Wall Street Journal and the New York Post among other titles — will retain its quintessential conservative identity after his death.

Through a series of complex transactions, Murdoch and his son Lachlan — his intended heir — have struck a deal to buy out the shares of Lachlan’s three eldest siblings: Prudence, Elisabeth and James. Lachlan is now set to control both his father’s companies, Fox Corp. and News Corp., after the elder Murdoch’s death. Each is to receive $1.1 billion, according to a person with direct knowledge who spoke on condition of anonymity, as precise details of the settlement have not been publicly disclosed.