Rupert Murdoch divorce settlement with his soon to be ex-wife Wendi Deng-Murdoch on Wednesday ended with a brief hug and a handshake following the deal that finalized their 14-year marriage.

The chairman of News Corp and 21^st Century Fox divorce settlement was held at Manhattan Supreme court where the terms of agreement were not disclosed in court.

The deal that has been said to involve millions if not billions of dollars was concluded with "mutual respect."

"I'm glad you were able to resolve these matters amicably," says Manhattan Supreme Court Justice Ellen Gesmer.

Both parties were mum about the results of the settlement, but later released a statement addressed to the reporters.

"We are pleased to announce that we have reached an amicable settlement of all matters relating to our divorce," it said. "We move forward with mutual respect and a shared interest in the health and happiness of our two daughters. We will not comment on this any further."

Wendi Deng-Murdoch will be keeping the home in Beijing and the three-level Fifth Avenue penthouse apartment in Manhattan, with a recorded amount of $44 million when it was purchased in 2004.

Gesmer asked the two with yes-or-no questions regarding the settlement of their divorce. When asked about whether Rupert Murdoch was satisfied about the agreement, Murdoch answered "Yes, your honour" in a strong tone.

The negotiation was hugely sourced from the two prenuptial agreements and two postnuptial agreements that adapted from the original agreements, an anonymous insider who knows about the situation revealed on Tuesday.

Rupert Murdoch, 82, divorce settlement will end his third marriage. He started in the industry by working in his family's newspaper business in Australia and later built an international media corporation.

According to Forbes estimation, his wealth is approximately at $13.4 billion in September.

Murdoch divided his News Corp into two companies this year: 21^st Century Fox, for the more profitable movie and TV portion and the news and publishing unit remains to be called the News Corp. Both companies are open for trading and based in New York City.

Rupert Murdoch's divorce settlement will not have an effect on the company's management nor on the succession plan. Those concerns are being controlled by Murdoch's family trust that will benefit his four children from previous marriages - Prudence, Elisabeth, Lachlan and James.

When Murdoch dies, all four children will have equal rights to the 38 percent voting stock in both companies.

Nevertheless, Murdoch and third wife Deng, 44, have two daughters Grace, 12, and Chloe, 10. Both are beneficiaries of 8.7 million non-voting shares held in a separated trust. Deng on the other hand, is not a shareholder on the said companies, an insider said.

Deng became famous for smacking a protester who was throwing a cream pie at her husband when a British parliamentary hearing was being held in 2011 regarding the phone hacking controversy by News Corp newspapers.

Rupert Murdoch divorce settlement with Wendi Deng began when Murdoch filed for divorce on June 2013 citing "irreconcilable differences."