(Reuters) - Fox Corp said on Monday that it has reached a mutual resolution on the legal proceedings related to the Murdoch Family Trust, resulting in the termination of all litigation. 

New family trusts will be established to benefit Lachlan Murdoch, Grace Murdoch and Chloe Murdoch. Three of Murdoch's children, Prudence MacLeod, Elisabeth Murdoch and James Murdoch, will cease being beneficiaries of any trust holding shares in Fox or News Corp.

The children exiting the family trust will receive cash compensation funded, in part, from the sale of about 16.9 million shares of Fox Class B stock and about 14.2 million shares of News Corp's Class B common stock. The amount of the payment was not disclosed.