[Form 4] Fox Corp Insider Trading Activity

Rhea-AI Filing Summary

Roland A. Hernandez, a director of Fox Corporation (FOX), received 143 deferred stock units on 09/24/2025 at an attributable unit value of $60.16. Each deferred stock unit equals one share of Fox Class A common stock and includes dividend equivalents credited as additional deferred units. The reported units become payable in stock on the earlier of the first trading day of the quarter five years after grant or the director's end of service. After this transaction, Hernandez reports beneficial ownership of 31,491 Class A shares (direct).

Positive

• Grant recorded: 143 deferred stock units acquired on 09/24/2025
• Clear conversion terms: Each deferred stock unit equals one Class A common share
• Updated ownership disclosed: Beneficial ownership totals 31,491 Class A shares

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director equity award recorded; aligns with standard deferred compensation mechanics for non-employee directors.

The Form 4 documents a grant of 143 deferred stock units to Director Roland A. Hernandez, with dividend equivalents credited as additional deferred units. The award converts to Class A common stock on a specified future payout schedule: the earlier of the first trading day of the quarter five years post-grant or upon termination of service. The filing is procedural and provides transparency on insider holdings and timing of future stock issuance.

Securities Compliance Analyst

TL;DR: Disclosure satisfies Section 16 reporting for a director's deferred stock unit grant and updated beneficial ownership.

The Form 4 lists transaction date 09/24/2025, transaction code 'A' (acquisition), and a per-unit value of $60.16 for the underlying Class A common stock. It clarifies that dividend equivalents are treated as additional deferred units and become payable on the same terms. The filing is consistent with routine insider reporting requirements and clarifies the aggregate direct beneficial ownership of 31,491 shares following the grant.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

HERNANDEZ ROLAND A

(Last) (First) (Middle)

C/O FOX CORPORATION

1211 AVENUE OF THE AMERICAS

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Fox Corp [ FOX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/24/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Stock Units	(1)	09/24/2025		A		143(2)		(3)	(3)	Class A Common Stock	143	$60.16	31,491(4)	D

Explanation of Responses:

1. Each deferred stock unit represents the equivalent of one share of Fox Corporation's Class A Common Stock.

2. Represents dividend equivalents accrued with respect to deferred stock units.

3. The deferred stock units representing dividend equivalents become payable in stock upon the pay out of the underlying deferred stock units. The reported deferred stock units become payable on the earlier of (i) the first trading day of the quarter five years following the grant and (ii) the Reporting Person's end of service as a Director.

4. Represents the aggregate number of deferred stock units held by the Reporting Person, including dividend equivalents accrued that vest on the same terms as the respective underlying deferred stock units.

Remarks:

	/s/ Laura A. Cleveland as Attorney-in-Fact for Roland A. Hernandez	09/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Roland A. Hernandez report on the Form 4 for FOX?

He reported acquiring 143 deferred stock units on 09/24/2025 and beneficial ownership of 31,491 Class A shares.

When do the deferred stock units become payable into FOX Class A shares?

The units become payable in stock on the earlier of the first trading day of the quarter five years after the grant or the reporting person's end of service as a director.

What is the reported per-unit value for the deferred stock units on the Form 4?

The underlying Class A common stock price shown is $60.16 per share.

Do the deferred stock units include dividend equivalents?

Yes. The filing states dividend equivalents were accrued and represented as additional deferred stock units that vest on the same terms as the underlying units.

What transaction code and date are listed on the Form 4?

Transaction code 'A' (acquisition) on 09/24/2025.