News Corp. CEO Rupert Murdoch Sells All His Non-Voting Stock
The $10 million transaction does not include the 40 percent of voting shares controlled by the Murdoch family.
In a regulatory filing late Wednesday, News Corp. said Murdoch sold all 418,631 shares of Class A stock that he still owned, garnering prices between $23.87 and $24.01 and raising a total of more than $10 million.
However, through various trusts, Murdoch and his family continue to own Class A stock. As of a regulatory filing in mid-August, the family held more than 9.2 million such shares.
Importantly, Murdoch's family also continues to control a nearly 40 percent voting stake in News Corp. via the ownership of Class B stock. Adding in a 7 percent stake owned by Murdoch ally Prince Alwaleed bin Talal of Saudi Arabia, the Murdochs have remained in clear control of the conglomerate.
A News Corp. representative declined comment, but the sale of Class A stock is believed to have been made for estate planning purposes, meaning purely financial reasons.
Murdoch had sold the majority of his Class A stock around the same time last year. Back then, he sold 3.63 million shares for $61.7 million.