SCHEDULE: Murdoch Family Trust Shifts News Corp Class B Stock
Schedule 13G Amendment
The Murdoch Family Trust and Cruden Financial Services LLC have ceased beneficial ownership of News Corp Class B Common Stock following a significant internal restructuring of family trusts.
Summary
- Murdoch Family Trust (MFT) and Cruden Financial Services LLC no longer beneficially own any Class A or Class B Common Stock of News Corp as of the filing date.
- On September 6, 2025, MFT transferred approximately 50% of its Class A and Class B shares to three 'Departing Member Trusts' established for the benefit of Prudence MacLeod, Elisabeth Murdoch, and James Murdoch and their descendants.
- The remaining Class A and Class B shares held by MFT were transferred to three 'LGC Family Trusts' established for the benefit of Lachlan K. Murdoch, Grace Murdoch, and Chloe Murdoch and their descendants.
- Cruden Financial Services LLC established both the Departing Member Trusts and the LGC Family Trusts.
- On September 7, 2025, the LGC Family Trusts contributed their Class A and Class B shares to LGC Holdco, LLC.
- On September 10, 2025, 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, respectively.
- K. Rupert Murdoch continues to beneficially own 1,009,446 shares of 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 trusts, which is neutral for News Corp's operational performance or strategic direction.
Industry Context
This filing details an internal restructuring of beneficial ownership within the Murdoch family, which primarily affects the family's control mechanisms over News Corp shares rather than reflecting broader industry trends or competitive dynamics.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Trustee of Departing Member Trusts | Cruden Financial Services LLC | N/A | 09/10/2025 | Internal trust restructuring; Cruden ceased to serve as trustee. |
| Trustee and Sole Manager of LGC Family Trusts and LGC Holdco, LLC | Cruden Financial Services LLC | Cruden 2, LLC | 09/10/2025 | Internal trust restructuring. |
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Beneficial Ownership Structure | Murdoch Family Trust transferred Class A and Class B shares to new family trusts (Departing Member Trusts and LGC Family Trusts), leading to Cruden Financial Services LLC and Murdoch Family Trust ceasing direct beneficial ownership. Cruden's role as trustee/manager for these trusts also changed. | 09/06/2025 | This represents a significant internal restructuring of the Murdoch family's holdings and control mechanisms over News Corp shares, potentially decentralizing direct control from the original MFT and Cruden Financial Services LLC to other family-controlled entities. |
Related Party Transactions
- Internal transfer of Class A and Class B shares from Murdoch Family Trust to various new family trusts (Departing Member Trusts and LGC Family Trusts) established by Cruden Financial Services LLC.
Stakeholder Impact
- Shareholders: The restructuring clarifies the beneficial ownership structure within the Murdoch family, potentially impacting long-term control dynamics, though the overall family influence remains.
- Murdoch Family Beneficiaries: Direct impact on the beneficiaries of the new trusts (Prudence MacLeod, Elisabeth Murdoch, James Murdoch, Lachlan K. Murdoch, Grace Murdoch, Chloe Murdoch) as their beneficial ownership is now held through these new structures.
Key Dates
| Date | Description |
|---|---|
| 09/06/2025 | Murdoch Family Trust transferred approximately 50% of Class A and Class B shares to Departing Member Trusts and the remaining shares to LGC Family Trusts. |
| 09/07/2025 | LGC Family Trusts contributed Class A and Class B shares to LGC Holdco, LLC. |
| 09/10/2025 | Cruden Financial Services LLC ceased to be trustee of Departing Member Trusts and was replaced by Cruden 2, LLC as trustee/manager of LGC Family Trusts and LGC Holdco. |
| 09/12/2025 | Date of filing signature. |
Keywords
News Corp, Class B Common Stock, Murdoch Family Trust, Cruden Financial Services LLC, K. Rupert Murdoch, Beneficial Ownership, Schedule 13G, Trust Restructuring, Corporate Governance
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