India, Sept. 9 -- The family of Rupert Murdoch has reached an agreement on a succession plan for the media mogul's business empire, the family announced on Monday, September 8. As per the agreement, Lachlan Murdoch will take control of Murdoch's media business, with his other children will leave their stakes in the companies and will receive cash.

In a press release, the Murdoch family- announced that a new trust will be established in place of the Murdoch Family Trust. Unlike the latter, all the siblings in the family, Prudence MacLeod, Elisabeth Murdoch and James Murdoch, are not members of the board. Lachlan Murdoch, Rupert Murdoch's eldest son and current executive chair and CEO of Fox Corporation, Grace Murdoch and Chloe Murdoch, Ru...