The billionaire filed legal papers to end his 14-year marriage in June (13), claiming the couple's relationship had "broken down irretrievably", but they managed to work together to reach an agreement so their split could be signed off by a judge at New York State Supreme Court on Wednesday (20Nov13).
A statement released by the former couple reads: "We are pleased to announce that we have reached an amicable settlement of all matters relating to our divorce. 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."
The 82 year old has reportedly allowed Deng to keep their $44 million (£29.3 million) Manhattan apartment, where she lives with their two daughters, Chloe, 10, and Grace, 11, although details about their other properties in the Big Apple and the 44 year old's native China have not been made public.
Their divorce hearing lasted a matter of minutes and afterwards, Deng proved she was still on good terms with her ex by shaking the hand of his lawyer, Ira Garr, before bidding final farewell to Murdoch with a hug.
She famously hit headlines in 2011 after aggressively defending her husband from a pie-throwing protester during a British parliamentary committee hearing regarding the News Corp. phone hacking scandal.
Murdoch has been been married twice before - he divorced Anna Torv one month before he wed Deng, and he separated from wife Patricia Booker in 1967.