For half a century, Rupert Murdoch has played the ultimate game of media chess — building and defending a global empire of newspapers, television channels, and political influence. But this week, at age 94, the patriarch pulled off one final move that reshaped the board forever.

In a stunning settlement reached in Nevada, three of Murdoch’s children — James and Elisabeth Murdoch, along with their half-sister Prudence MacLeod — agreed to cut ties with the family business. The deal forces them to surrender all their equity in Fox Corp. and News Corp., the two public companies at the core of Murdoch’s legacy, in exchange for a multibillion-dollar payout.

The move leaves Lachlan Murdoch, Rupert’s eldest son from his second marriage, as the undisputed heir to the empire. He will now control the voting shares of both companies through a newly created trust structure, flanked by his younger half-sisters Grace and Chloe, Rupert’s daughters with ex-wife Wendi Deng.

It is, in effect, the end of the Murdoch siblings’ long-simmering succession battle — and a remarkable reaffirmation of Rupert’s own preference for Lachlan, the son who never wavered in his loyalty to the family business and its crown jewel, Fox News.

The Break with James and Elisabeth

The clash has been brewing for years. James and Elisabeth Murdoch pursued their own media paths — James with his ventures into climate-focused projects and Elisabeth with Shine Group, her production powerhouse eventually folded into the Murdoch portfolio. Both have long harbored misgivings about Fox News, its partisan tilt, and its role in shaping U.S. politics.

Together with Prudence MacLeod, Rupert’s firstborn, they appeared poised to wield majority control of the family trust once Rupert was gone. Court filings in Nevada suggested they were prepared to challenge Lachlan’s dominance. Some observers speculated about a radical outcome: Fox News transformed into a more centrist or even progressive network, or Murdoch assets spun off in directions the patriarch would never have allowed.

But those scenarios will remain in the realm of speculation. The settlement eliminates their stake entirely. In return, they walk away with cash funded by the sale of 14.2 million News Corp. Class B shares and 16.9 million Fox Corp. shares — a haul worth billions.

Grace and Chloe Step In

The biggest surprise in the new arrangement may be the elevation of Grace and Chloe Murdoch, Rupert’s teenage daughters with Wendi Deng. Under the old trust structure, they held no voting rights. Now, they join Lachlan as economic beneficiaries in the new setup.

While they won’t control votes, their inclusion ensures their financial interests are aligned with Lachlan’s and secures their place in the dynasty’s next generation. A new vehicle, LGC Holdco, will hold the Murdoch Family Trust’s remaining shares — 33.1% of News Corp’s Class B stock and 36.2% of Fox Corp’s Class B stock. Lachlan alone, as managing director, will control the votes.

The trusts are designed to last until 2050, cementing Lachlan’s authority for decades.

Rupert’s Last Gambit

For months, reports suggested Rupert might have overplayed his hand. His attempt to redo what was billed as an “irrevocable” trust triggered lawsuits, leaks of sealed documents, and rare public criticism from his own children. The spectacle had the air of a “Succession” plotline, with backroom deals, family betrayals, and billions at stake.

Yet Rupert emerges, once again, as the survivor. Instead of losing control to a coalition of disaffected heirs, he has secured Lachlan’s reign and sidelined dissenters with a cash-out.

“This is classic Murdoch,” one insider told Deadline. “He finds a way to win, even when it looks impossible.”

The Market Reacts

Wall Street offered a muted verdict. Shares of both Fox Corp. and News Corp. slipped slightly after the settlement was announced. Investors appeared unsettled by the reshuffling — and by the billions in share sales needed to fund the payouts.

Still, the companies insisted the settlement brings stability by “terminating all litigation.” The specter of an ugly public courtroom battle has been avoided.

A Family Divided

The Murdoch clan remains fractured. James, Elisabeth, and Prudence have effectively severed ties, walking away with fortunes but no seat at the family table. Lachlan has consolidated control but at the cost of deepened estrangement from his siblings. Grace and Chloe’s unexpected promotion adds another layer of intrigue about the empire’s future after Rupert is gone.

For now, the throne is Lachlan’s. And while Rupert Murdoch may be nearing the twilight of his life, his empire remains firmly in the grip of the son he always favored.

It is an ending worthy of the dramas it inspired — a real-life finale to the decades-long saga of power, money, and bloodlines that defined one of the world’s most powerful families.