Form 4: Fox Director Johnson Boosts Stake with DSU Grant

Fox Corporation Director Margaret L. Johnson acquired 3,470 deferred stock units, increasing her beneficial ownership to 15,010 units.

Summary

• Margaret L. Johnson, a Director of Fox Corporation, acquired 3,470 Deferred Stock Units (DSUs).
• Each DSU represents the equivalent of one share of Fox Corporation's Class A Common Stock.
• The transaction date for the acquisition was November 14, 2025.
• The price of the derivative security (DSU) was $64.84.
• Following this transaction, Ms. Johnson beneficially owns a total of 15,010 DSUs.
• These DSUs become payable in stock on the earlier of the first trading day of the quarter five years following the grant date (approximately Q1 2031) or the end of Ms. Johnson's service as a Director.
• The total beneficial ownership includes dividend equivalents that vest on the same terms as the underlying deferred stock units.

Sentiment

Score: 6

Explanation: The filing reports a routine insider transaction where a director received deferred stock units as compensation, which is generally a neutral to slightly positive event as it aligns director interests with shareholders.

Positives

• A director increasing their beneficial ownership, even through compensation, can signal confidence in the company's future performance.
• The acquisition of 3,470 deferred stock units by Director Margaret L. Johnson aligns her long-term interests with those of shareholders.

Future Outlook

The deferred stock units are scheduled to become payable in stock on the earlier of the first trading day of the quarter five years following the grant (approximately Q1 2031) or the reporting person's end of service as a Director.

Industry Context

This filing is a routine disclosure of an insider transaction, specifically the grant of deferred stock units as part of director compensation. Such compensation structures are common across publicly traded companies in various industries, including media and entertainment, to align director interests with shareholder value over the long term.

Comparison to Industry Standards

• Deferred stock units are a standard form of equity compensation for directors in many U.S. public companies, aligning their long-term interests with shareholders.
• The specific number of units and their value would typically be determined by the company's compensation committee based on market benchmarks for director compensation in the media industry, considering factors like company size, performance, and director responsibilities. Without specific compensation committee reports or peer group data, a direct comparison of the amount is not possible from this filing alone.

Related Party Transactions

• The acquisition of deferred stock units by a director can be considered a related party transaction as it involves compensation from the company to an insider.

Stakeholder Impact

• Shareholders: Minor positive impact as the director's increased beneficial ownership aligns her interests with long-term shareholder value.

Next Steps

• The deferred stock units will vest and become payable in stock on the earlier of the first trading day of the quarter five years following the grant (approximately Q1 2031) or the reporting person's end of service as a Director.

Key Dates

Keywords

Fox Corporation, FOX, Form 4, insider transaction, deferred stock units, DSU, director compensation, beneficial ownership, Margaret L. Johnson