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Rupert Murdoch's son will take over the family's media empire when he dies, putting an end to a Succession-style battle for power.
In a deal worth $3.3billion (£2.4bn), Lachlan, 54, will assume control of publications including The Sun, The Times, The Sunday Times and Talk TV in the UK, as well as Fox News, The New York Post and The Wall Street Journal in the US.
His three oldest siblings Prue, Liz and James will receive $1.1bn (£800m) for all their shares in the empire, The New York Times reports.
It comes months after Lachlan and his father's bold attempt to strike the trio out of the Murdoch family's irrevocable trust, a move which failed but ultimately opened up negotiations.
Rupert, 94, had reportedly dubbed this plan to tip the scales in favour of his eldest son 'Project Harmony', but it caused a major rift in the clan.
Monday's breakthrough looks set to put an end to the ongoing litigation, with a new family trust being created, including Lachlan and his two younger sisters, Grace, 23, and Chloe, 22, whom Rupert had with his third wife Wendi Deng.
This trust will guarantee the controlling stake in Murdoch's main two media companies, Fox Corporation and News Corp.
Lachlan has effectively been running the family business for several years, but the new arrangement ensures he will retain control until at least 2050, when he will be 79.
As for his siblings, they have long desired a break from a news empire they view as too conservative, and are receiving far heftier shares than their brother had previously been willing to pay.
Rupert, who created a media empire out of one Australian newspaper, was the inspiration for the hit TV series Succession.
Like the fictional version, this real-life fight pitted the children of the powerful patriarch against each other for who should be the face and the voice of the empire after the old man dies.
Rupert had long intended that his children inherit the empire, and jointly decide its direction, handing out equal control after his death to his four oldest children after he divorced his second wife, Anna Torv, in 1999.
Their eldest daughter, Prudence, has had little involvement in the family business, but at various times the other three - Lachlan, James and Elisabeth - have all been considered as successors.
In recent years though, Murdoch Senior had reportedly grown concerned Fox News - the crown jewel of the collection - may drift from its lucrative right-wing moorings after his death, to reflect the more centrist views of James and Elisabeth.
He had therefore sought to designate Lachlan - who currently heads Fox News and News Corp - as the controlling player in the wider business, despite effectively removing his power to name a successor in the 1999 trust agreement.
Rupert and Lachlan squared off against their family members in a secret legal battle in the desert city of Reno in September.
They sought to prove in sealed testimony that the latter's more right-wing stance would better ensure the financial security of the businesses, but commissioner Edmund Gorman, in a sealed document, was not swayed.
A buyout still seemed like the likeliest outcome and, after a further year of intense negotiations, Lachlan finally sealed his spot as successor of the Murdoch empire.