Media mogul Rupert Murdoch and third wife, Wendi Deng
Murdoch, are close to finalizing their divorce, according to people with
knowledge of the matter.
The estranged couple has negotiated a settlement that will
bring their 14-year marriage to an end.
"Rupert is very happy to have this almost behind
him," said a person close to the mogul who requested anonymity because the
person was not authorized to speak publicly.
A New York judge must approve the settlement. A court
hearing has been scheduled for Wednesday morning, according to a report in the
New York Times.
The divorce proceedings are not expected to loosen Murdoch's
tight grip on his two media companies -- entertainment giant 21st Century Fox
and publishing company News Corp.
The press baron also will keep his California homes, which
include a Beverly Hills estate and his new toy, the 16-acre Moraga Vineyards in
the hills above Bel-Air. Murdoch purchased the vineyard this summer for nearly
$29 million. The property includes an 8,000-square-foot mansion and lush
gardens.
Murdoch, who filed for divorce in June, plans to maintain
his primary residence in New York.
As part of the settlement, Wendi Deng Murdoch will receive
the couple's palatial penthouse apartment on Fifth Avenue in Manhattan. They
purchased the residence, once owned by Laurance Rockefeller, about eight years
ago for $44 million.
After the Murdochs bought the home, they spent as much as
$50 million to remodel and furnish it, according to two people close to the
family.
Murdoch agreed to relinquish the residence because he wanted
his two young daughters with Wendi Deng Murdoch to stay in their home, the
person close to Murdoch said.
Murdoch has four adult children, products of his first two
marriages.
One contentious point in the negotiations reportedly was
control of company shares held by the Murdoch Family Trust. Years ago, Murdoch
angered his third wife by refusing to change the structure of the trust to put
his two young daughters on equal footing with his four older children.
Roughly 38% of the voting stock in 21st Century Fox and News
Corp. is held by the Murdoch Family Trust, which eventually will be divided
among Murdoch's four adult children.
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