News of the marriage split comes just two weeks before Murdoch plans to break apart his global media empire into two separate companies.
The two met when Deng was a junior executive at News Corp.'s Star TV in Hong Kong in 1999. The settlement to dissolve Murdoch's marriage to his second wife Anna was estimated at $1.7 billion, making it one of the expensive divorces ever.
The Deng divorce is not expected to affect the corporate structure of News Corp., a senior executive said. Murdoch controls almost 40% of News Corp.'s voting stock.
Forbes lists Murdoch's net worth at $11.2 billion. The mogul's wealth has soared in the past year as News Corp. stock has been trading at an all-time high. With the expected break-up of News Corp., Murdoch's pay next year is expected to exceed $28 million.
[For the Record, 11:49 a.m. PDT June 13: An earlier version of this online article incorrectly listed the ages of Rupert Murdoch and Wendi Deng's children, stating that Grace was 13 and Chloe was 10. In fact, Grace is 11 and Chloe is 9.]