Lachlan Murdoch has secured control of the family media empire, ending a long succession battle. His siblings will each receive $1.1 billion. Here's everything you need to know about him.

The Murdoch family's decades-long succession battle has finally come to an end, with Rupert Murdoch's son, Lachlan Murdoch, securing controlling interests in their media empire, which includes Fox News, The Wall Street Journal, The Times of London, and The New York Post.

Under the agreement announced Monday, three of Lachlan's siblings -- Prudence MacLeod, Elisabeth Murdoch and James Murdoch- will each receive $1.1 billion for their shares in the family business. This marks the end of years of legal battles and personal rifts that inspired the hit HBO series Succession.

Lachlan currently serves as Executive Chairman of Fox and Chairman of News Corp.

Born in London, Lachlan was educated in prestigious American schools, graduating from Princeton University in 1994. In 1999, he married Sarah Murdoch, a British actor and TV host. They have three children.

According to Forbes, the Murdoch family's collective wealth was estimated at around $24.4 billion as of Monday.

Rupert Murdoch earlier told some sources that he feels his eldest son, Lachlan, is best suited to lead his media empire in his absence. Hence, he proposed a trust that would block any interference by Lachlan's siblings, who are more politically moderate, according to The New York Times.

The NYT reported that this amendment proposal to the original trust led to a major courtroom drama that lasted for decades.