New York, New York - Rupert Murdoch's children have reached a settlement in the legal dispute over control of the media mogul's companies, News Corp and Fox Corp announced Monday.

The agreement puts an end to a messy legal battle after some siblings had contested Murdoch's effort to install as successor his son Lachlan, who shares his father's right-wing politics.

A Nevada court had blocked the 94-year-old's attempt to sideline his other children, but the new deal establishes a trust to replace the Murdoch Family Trust.

Under the agreement, Prudence MacLeod, Elisabeth Murdoch, and James Murdoch will receive cash based on equity sales and cease to have holdings in either media company – effectively leaving Lachlan in control.

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The eldest daughter, Prudence, has had little involvement in the family business, but James and Elisabeth have publically challenged their father's decisions and political orientation.

Friction over the future of the holdings – a stable that includes Fox News, The Wall Street Journal, and a host of British and Australian media – had been the inspiration for the hit TV show Succession.

"New trusts will be established for the benefit of Lachlan Murdoch, Grace Murdoch and Chloe Murdoch," said a press release that identified Rupert and his two half-sisters as "remaining beneficiary trusts."

Meanwhile, "the departing beneficiaries" will "cease to be beneficiaries in any trust holding shares in News Corp or Fox Corporation."