Rupert Murdoch has proposed making sweeping changes to his family's shareholding in News Corporation, a move that will cut back the power wielded by his four adult children and dramatically change the succession in his global media empire.

Mr Murdoch has proposed changes to the family trust structure that will give Chloe and Grace Murdoch, his two young daughters with third wife Wendi Deng, an equal interest in the AE Harris Trust, which holds the family's $US6.17 billion ($8.15 billion) shareholding in News Corporation.