Rupert Murdoch’s children have reached a settlement in the legal dispute over control of the right-wing media mogul’s companies, with son Lachlan set to take over.

The new deal establishes a trust to replace the Murdoch Family Trust that had included all the siblings and half-siblings.

Under the agreement, Prudence MacLeod, Elisabeth Murdoch and James Murdoch will receive cash based on equity sales and cease to have holdings in any of the media companies.

Author and journalist Paddy Manning says a lot of these shares will be sold to the public instead.

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Living on Earth: August 17, 2007