Rupert Murdoch’s family has reached a deal that guarantees eldest son Lachlan will retain control of his father’s media empire after the elderly patriarch’s death.

James, Elisabeth and Prudence will each receive more than $US1 billion ($1.52 billion) for their shares in the companies, The New York Times reported, citing an anonymous source with knowledge of the negotiations.

Fox said the three siblings would also be prevented from ever buying back into the companies.