As part of the deal, each of Lachlan’s siblings will receive $1.1 billion for their shares in the empire.
Meanwhile, the lawyer for the father and son duo, Adam Streisand, said Mr Murdoch and Lachlan were disappointed with the ruling and intended to appeal.
Lachlan Murdoch, his son, is said to head both businesses on his own, while the elder Mr Murdoch will become chairman emeritus of the two companies.
Billionaire media mogul Rupert Murdoch, 92, divorced four times, has found love again in the arms of Ann Lesley Smith, a 66-year-old police chaplain, whom he met in September last year.
