Ivanka Trump served for several years as a trustee for a fortune set aside for the daughters of Rupert Murdoch, people familiar with the arrangement said. Her role highlights the close ties between President Trump’s family and the family that controls Fox News Channel, The Wall Street Journal and other news outlets.

Ms. Trump, the president’s daughter, stepped down in December as a Murdoch trustee, a relationship reported on Wednesday by The Financial Times. The trust for the Murdoch daughters holds some $300 million in stock in News Corp. and 21st Century Fox: companies that Mr. Murdoch, 85, leads, and in which he and his family hold controlling interests.

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Mr. Trump has been a favorite topic of Mr. Murdoch’s New York Post for decades, and in the years before last year’s presidential campaign, Mr. Trump had a regular morning call-in segment on Fox News. During the campaign and since the election, Fox News has covered him far more favorably than its competitors.

Mr. Murdoch has two daughters, ages 15 and 13, with his former wife, Wendi, 48. It was Wendi Murdoch who chose Ms. Trump, 35, as a trustee, according to the people familiar with the matter, who spoke on the condition of anonymity because they were not authorized to discuss it publicly.

The two women have long been close, and their friendship has continued since the Murdochs’ 2013 divorce. Ms. Trump’s husband, Jared Kushner, served as a conduit between the Trump campaign and Mr. Murdoch.