The two appeared in a New York court Wednesday to tell a judge they've reached a deal to end their 14-year marriage. Terms weren't disclosed.
The Murdochs say in a joint statement that the settlement was amicable. It says they'll move forward with ''mutual respect'' and a shared interest in their daughters' welfare.
It was the third marriage for 82-year-old Rupert Murdoch, who leads 21st Century Fox and News Corp.
The divorce won't affect control of the companies or the succession plan for them. Rupert Murdoch controls them through a family trust that benefits his four children from previous marriages.
He and 44-year-old Wendi Deng Murdoch have two school-age daughters. They are beneficiaries of 8.7 million non-voting shares being held in a separate trust.