SCHEDULE: Murdoch Family Trust Restructures Fox Corp Share Holdings

The Murdoch Family Trust has transferred its beneficial ownership of Fox Corp Class A and Class B common stock to various family trusts, resulting in 0% direct ownership by the Trust and Cruden Financial Services LLC.

Summary

• The Murdoch Family Trust (MFT) transferred approximately 50% of its Class A and Class B common stock of Fox Corp to three Departing Member Trusts on September 6, 2025, for the benefit of Prudence MacLeod, Elisabeth Murdoch, James Murdoch, and their respective descendants and charitable organizations.
• The MFT also transferred its remaining Class A and Class B common stock to three LGC Family Trusts on September 6, 2025, for the benefit of Lachlan K. Murdoch, Grace Murdoch, Chloe Murdoch, and their respective descendants and charitable organizations.
• On September 7, 2025, the LGC Family Trusts contributed these Class A and Class B shares to LGC Holdco, LLC, which is owned by the LGC Family Trusts.
• Cruden Financial Services LLC ceased to serve as the trustee of the Departing Member Trusts on September 10, 2025.
• Cruden Financial Services LLC was replaced by Cruden 2, LLC as the trustee and sole manager of the LGC Family Trusts and LGC Holdco, LLC, respectively, on September 10, 2025.
• As a result of these transfers, the Murdoch Family Trust and Cruden Financial Services LLC no longer beneficially own any Class A or Class B shares of Fox Corp as of the filing date.
• K. Rupert Murdoch beneficially owns 1,200,862 shares of Fox Corp Class B Common Stock, representing 0.5% of the class, with sole voting and dispositive power.

Sentiment

Score: 5

Explanation: The filing details an internal restructuring of beneficial ownership within the Murdoch family, which is a neutral event for the company's operational performance and does not inherently indicate positive or negative financial outcomes.

Positives

• The filing provides clarity on the beneficial ownership structure of Fox Corp Class A and Class B shares within the Murdoch family.
• K. Rupert Murdoch maintains a direct beneficial ownership of 0.5% of Class B Common Stock, indicating continued personal stake.

Negatives

• The Murdoch Family Trust and Cruden Financial Services LLC no longer directly beneficially own any Class A or Class B shares of Fox Corp, signifying a shift in direct trust-level control.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding Fox Corp's operational performance, financial outlook, or strategic direction.

Industry Context

This filing primarily details an internal restructuring of beneficial ownership within the Murdoch family, which controls a significant media conglomerate. While not directly tied to broader industry trends, such ownership changes can have long-term implications for corporate governance and strategic direction within the media sector, particularly for family-controlled entities like Fox Corp.

Management Changes

Corporate Governance

Related Party Transactions

• Transfer of approximately 50% of Class A and Class B shares from Murdoch Family Trust to three Departing Member Trusts (for Prudence MacLeod, Elisabeth Murdoch, and James Murdoch).
• Transfer of the remaining Class A and Class B shares from Murdoch Family Trust to three LGC Family Trusts (for Lachlan K. Murdoch, Grace Murdoch, and Chloe Murdoch).
• Contribution of Class A and Class B shares from the LGC Family Trusts to LGC Holdco, LLC.
• Change in trustee/manager from Cruden Financial Services LLC to Cruden 2, LLC for the LGC Family Trusts and LGC Holdco.

Stakeholder Impact

• Shareholders: The filing clarifies the ultimate beneficial ownership structure of a significant block of shares, which is relevant for understanding long-term control and voting power within Fox Corp.
• Management: The changes in trust structure could have implications for the long-term influence of different family members on company strategy and leadership, particularly concerning succession planning.

Key Dates

Recommendation

This filing primarily details an internal family ownership restructuring and does not provide new information regarding Fox Corp's operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. K. Rupert Murdoch retains a direct beneficial ownership, and the overall family control structure remains intact, albeit distributed differently among family trusts.

Keywords

Fox Corp, FOX, Class B Common Stock, Murdoch Family Trust, K. Rupert Murdoch, Cruden Financial Services, beneficial ownership, SEC filing, Schedule 13G, corporate governance, family trusts