Form 4: Murdoch Family Trust Redistributes Fox Shares

The Murdoch Family Trust has completed a significant internal redistribution of its Class A and Class B common stock holdings in Fox Corp among various family trusts.

Summary

• The Murdoch Family Trust (MFT) transferred all its Class A and Class B common stock holdings in Fox Corp on September 6, 2025.
• MFT transferred 19,000 shares of Class A Common Stock and 102,207,826 shares of Class B Common Stock.
• Approximately 50% of these shares were transferred to three 'Departing Member Trusts' established for the benefit of Prudence MacLeod, Elisabeth Murdoch, and James Murdoch, and their respective descendants and charitable organizations.
• The remaining approximately 50% of shares were transferred to three 'LGC Family Trusts' established for the benefit of Lachlan K. Murdoch, Grace Murdoch, and Chloe Murdoch, and their respective descendants and charitable organizations.
• The LGC Family Trusts subsequently contributed their received Class A and Class B shares to LGC Holdco, LLC, a Delaware limited liability company.
• Cruden Financial Services LLC, which was the sole trustee of MFT, is now the initial sole trustee of both the Departing Member Trusts and the LGC Family Trusts, and the initial sole manager of LGC Holdco.
• Following these transactions, the Murdoch Family Trust reported 0 shares of Class A and Class B common stock beneficially owned.
• Cruden Financial Services LLC may be deemed to continue to have beneficial ownership of the Class A and Class B shares held by the Departing Member Trusts and LGC Holdco, but disclaims any pecuniary interest in such shares.

Sentiment

Score: 5

Explanation: The filing reports an internal restructuring of beneficial ownership within the Murdoch family trusts, which is a neutral event for Fox Corp's operational performance or financial health. It clarifies ownership structure but does not indicate positive or negative business developments.

Future Outlook

The filing does not provide any forward-looking statements or guidance regarding Fox Corp's future performance or strategic direction.

Management Comments

• Cruden Financial Services LLC is the initial sole trustee of the LGC Family Trusts and the Departing Member Trusts and the initial sole manager of LGC Holdco.
• Cruden may be deemed to continue to have beneficial ownership for purposes of Rule 16a-1(a)(1) of the Class A Shares and Class B Shares held by the Departing Member Trusts and LGC Holdco, but disclaims any pecuniary interest in such shares.

Industry Context

This internal family ownership restructuring clarifies the long-term beneficial ownership and control structure of a significant shareholder in a major media company. It does not directly relate to broader industry trends or competitive dynamics, but rather to the internal governance of a controlling family's assets.

Related Party Transactions

• Transfer of 19,000 Class A Common Stock shares and 102,207,826 Class B Common Stock shares from the Murdoch Family Trust to various newly established family trusts (Departing Member Trusts and LGC Family Trusts) for the benefit of different Murdoch family branches.
• Subsequent contribution of shares from the LGC Family Trusts to LGC Holdco, LLC, which is owned by the LGC Family Trusts and initially managed by Cruden Financial Services LLC.

Stakeholder Impact

• Shareholders: Clarifies the long-term beneficial ownership structure of a significant block of shares, which may have implications for future control and voting dynamics within the Murdoch family, but no immediate operational or financial impact on Fox Corp.
• Management: No direct impact on Fox Corp's executive management or day-to-day operations.

Key Dates

Recommendation

The filing details an internal restructuring of beneficial ownership within the Murdoch family trusts, which does not provide new information regarding Fox Corp's operational performance, financial health, or strategic direction. Therefore, it does not warrant a change in investment recommendation.

Keywords

Fox Corp, FOX, Murdoch Family Trust, Cruden Financial Services, Share Transfer, Beneficial Ownership, Family Trusts, Corporate Governance, Insider Transaction