The couple have two daughters, Grace Helen, 12, and Chloe, 10.
The couple had signed a pre-nuptial agreement ensuring that Murdoch's grip on his media empire would not be affected by any possible break-up.
The Australian-American tycoon's media empire was split into two in June: News Corp, for print media, and 21st Century Fox, for television and cinema.
Deng and the couple's two daughters have no voting rights in the company, in contrast to Murdoch's four other children from his two previous marriages.
Murdoch, whose fortune is estimated by Forbes at around $13.4 billion, owns some of the most famous newspaper titles in the world, including The Wall Street Journal, The New York Post and British dailies The Times and The Sun.
His British newspaper arm was embroiled in a phone-hacking scandal that erupted in 2011, ultimately leading to the closure of Sunday tabloid The News of the World.
Deng met Murdoch when she worked at his Star Television company in Hong Kong, where former colleagues have described her as an expert networker with big ambitions.
Born in the eastern Chinese city of Xuzhou in 1968, she left China at 19 to study in the United States. She graduated from Yale School of Management in 1996.
Last year, she famously leapt out of her seat to counter-attack a protester who hit Murdoch with a cream pie during testimony before a British parliamentary committee over the hacking of cellphone voice-mails by his now-defunct News of the World tabloid.
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