Form 4: Fox Director Burck Acquires Additional Stock Units

Fox Corporation Director William A. Burck acquired 116 deferred stock units, representing dividend equivalents, increasing his total beneficial ownership to 25,595 units.

Summary

• William A. Burck, a Director of Fox Corporation, reported the acquisition of 116 Deferred Stock Units (DSUs) on September 24, 2025.
• These DSUs represent dividend equivalents accrued with respect to existing deferred stock units.
• Each DSU is equivalent to one share of Fox Corporation's Class A Common Stock.
• The underlying Class A Common Stock was valued at $60.16 per share.
• Following this transaction, Mr. Burck beneficially owns a total of 25,595 DSUs.
• The DSUs, including these dividend equivalents, become payable in stock upon the earlier of the first trading day of the quarter five years following the grant or the reporting person's end of service as a Director.

Sentiment

Score: 6

Explanation: The transaction is a routine accrual of dividend equivalents, which is mildly positive as it increases a director's alignment with shareholders, but it does not represent a significant new investment or a major strategic development.

Positives

• The accrual of dividend equivalents indicates continued alignment of a director's interests with those of shareholders.
• An increase in beneficial ownership, even through dividend reinvestment, can be viewed as a positive signal of confidence in the company's long-term prospects.

Negatives

• The transaction is an accrual of dividend equivalents, not a direct open-market purchase, which might be seen as a stronger signal of conviction.

Risks

• The value of the deferred stock units is subject to the market fluctuations of Fox Corporation's Class A Common Stock.
• Payout of the DSUs is contingent on continued service as a Director for a certain period or the passage of five years, introducing a time-based risk.

Future Outlook

The deferred stock units, including these dividend equivalents, are scheduled to become payable in stock upon the earlier of the first trading day of the quarter five years following their grant or the reporting person's cessation of service as a Director.

Industry Context

Insider transactions, such as the accrual of deferred stock units by a director, are common in publicly traded companies as part of executive and director compensation packages. These filings provide transparency into changes in beneficial ownership by key personnel.

Stakeholder Impact

• Shareholders: Minor positive impact due to increased director alignment with shareholder interests through equity ownership.
• Management/Directors: The transaction reflects a component of the director's compensation structure, reinforcing their equity stake in the company.

Next Steps

• The deferred stock units will become payable in stock upon the earlier of the first trading day of the quarter five years following the grant or the Reporting Person's end of service as a Director.

Key Dates

Keywords

Fox Corp, FOX, William A. Burck, Director, Deferred Stock Units, DSU, Insider Transaction, SEC Form 4