Elisabeth Murdoch is to join the board of News Corporation after the company agreed to buy out her Shine Television group in a £415m deal.

The 42-year-old is set to gain around £200m for her 53 per cent controlling stake in Shine, and should take her seat at News Corp, founded by her father, Rupert Murdoch, after the deal is completed in the coming months.

The move will see Elisabeth Murdoch returning to her father's business, having left BskyB 11 years ago to set up Shine.

She currently has an observing role on the News Corporation board, but her new role will be as a voting member.

Her brother, James Murdoch, is News Corp's chief executive in Europe and Asia, with Elisabeth Murdoch's new role falling outside of his remit.He is currently the frontrunner to eventually replace Rupert Murdoch as chairman and chief executive or the company.

Elisabeth Murdoch will remain in charge of Shine, which is set to be overseen by Chase Carey, News Corp's deputy chairman, once the purchase is completed.

In a statement, Elisabeth Murdoch said: "In a rapidly consolidating global TV industry, this alliance uniquely provides the conditions in which Shine Group can continue to lead and prosper."