News Corp. has settled a consolidated shareholder suit and will receive $139M in liability insurance proceeds as it agreed to bolster its compliance program in the wake of the U.K. phone hacking scandal and its deal to acquire TV producer Shine Group.

The insurance proceeds will be paid on behalf of directors and officers who were sued in the derivative suit.

"We are pleased to have resolved this matter," the company said in a statement today. "The agreement reflects the important steps News Corporation has taken over the last year to strengthen our corporate governance and compliance structure and we have committed to building on those efforts going forward."

The suit, a consolidation of actions against the company and management in Delaware court, alleged a breach of fiduciary duty over the hacking scandal and allegd nepotism after News Corp. acquired Shine, the company of CEO Rupert Murdoch's daughter, Elisabeth, for $480M and $135M in debt payments in 2011.

It also said Murdoch used corporate funds for political goals with the blessing of a board of directors that was not independent, and the settlement includes enhanced corporate governance by the News Corp.