06:36 AM EDT, 09/09/2025 (MT Newswires) -- Fox (FOX, FOXA) said late Monday that the trustees and beneficiaries of the Murdoch Family Trust have reached a mutual settlement, ending legal proceedings in Nevada, and establishing new trusts that transfer full control of the company's media holdings to Rupert Murdoch's oldest son, Lachlan Murdoch.

The company said the agreement states that new trusts will be established for Lachlan Murdoch, Grace Murdoch and Chloe Murdoch, while Prudence MacLeod, Elisabeth Murdoch and James Murdoch will exit as departing beneficiaries.

The departing beneficiaries will receive cash proceeds, which will be funded in part by the sale of 16.9 million Fox class B shares and 14.2 million News Corp ( NWSA ) class B shares previously held by the Murdoch Family Trust, the company said.

The departing beneficiaries will also sell their remaining personal holdings in Fox and News Corp ( NWSA ) within six months and have agreed to long-term restrictions preventing future ownership or involvement, Fox said.

The remaining beneficiary trusts will own 36.2% of Fox's class B shares and 33.1% of News Corp's ( NWSA ) class B shares through their newly formed LGC Holdco.

The new structure gives Lachlan Murdoch sole voting control over LGC Holdco's shares through his appointed managing director until 2050, Fox added.

Rupert Murdoch will remain chairman emeritus, the company said.