News Corp. CEO Rupert Murdoch Sells All His Non-Voting Stock

 

News Corp. chairman and CEO Rupert Murdoch sold the remaining nonvoting stock in the entertainment conglomerate held in his name, without giving up any voting stock.

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.

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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.

Email: Georg.Szalai@thr.com

Twitter: @georgszalai

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