Lachlan Murdoch (FOX) exercises options, sells 1.1M+ Fox shares

Rhea-AI Filing Summary

Fox Corp Executive Chair and CEO Lachlan K. Murdoch reported a large exercise-and-sell transaction in Fox Class A shares. Over March 11–13, 2026, he exercised stock options covering 952,384 shares at exercise prices of 36.00 and 40.26 per share, converting them into common stock.

Across the same dates, he sold 1,127,756 Class A shares in multiple open-market trades, at weighted average prices generally between the high 50s and low 60s per share, under a pre-arranged Rule 10b5-1 trading plan adopted on December 2, 2025. In a related move, 175,372 shares were sold to, and then purchased by, the LKM Family Trust, which is administered by an independent trustee for the benefit of Murdoch, his family members and certain charities. Following these transactions, Murdoch holds 152 shares directly and 1,251,779 shares indirectly through the LKM Family Trust.

Insights

Equity analyst

Pre-planned option exercises paired with sizable net share sales.

Lachlan K. Murdoch exercised stock options on 952,384 Fox Class A shares at strike prices of 36.00 and 40.26, then sold 1,127,756 shares in open-market trades. The filing characterizes these as routine derivative exercises followed by sales, not new grants.

The transactions were executed under a Rule 10b5-1 trading plan adopted on December 2, 2025, indicating the timing was pre-scheduled rather than opportunistic. A net 952,384 shares were sold when combining the single open-market purchase of 175,372 shares by the LKM Family Trust with the larger sales.

After the activity, Murdoch retains 152 shares directly and 1,251,779 shares through the LKM Family Trust, which is administered by an independent trustee for the benefit of Murdoch, his family, and certain charities. This pattern suggests portfolio diversification and liquidity-taking more than a change in long-term alignment, though ongoing filings will show whether similar plans continue.

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

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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).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MURDOCH LACHLAN K

(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
X	Officer (give title below)		Other (specify below)
	Executive Chair, CEO

3. Date of Earliest Transaction (Month/Day/Year)
03/11/2026

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
Class A Common Stock	03/11/2026		M(1)		242,747	A	$40.26	418,271	D
Class A Common Stock	03/11/2026		S(1)		240,404	D	$57.73(2)	177,867	D
Class A Common Stock	03/11/2026		S(1)		2,343	D	$58.31(3)	175,524	D
Class A Common Stock	03/12/2026		M(1)		247,257	A	$40.26	422,781	D
Class A Common Stock	03/12/2026		S(1)		239,357	D	$57.68(4)	183,424	D
Class A Common Stock	03/12/2026		S(1)		7,900	D	$58.06(5)	175,524	D
Class A Common Stock	03/13/2026		M(1)		86,697	A	$40.26	262,221	D
Class A Common Stock	03/13/2026		M(1)		375,683	A	$36	637,904	D
Class A Common Stock	03/13/2026		S(1)		151,265	D	$56.65(6)	486,639	D
Class A Common Stock	03/13/2026		S(1)		295,677	D	$57.51(7)	190,962	D
Class A Common Stock	03/13/2026		S(1)		9,438	D	$58.45(8)	181,524	D
Class A Common Stock	03/13/2026		S(1)		5,100	D	$59.68(9)	176,424	D
Class A Common Stock	03/13/2026		S(1)		900	D	$60.44(10)	175,524	D
Class A Common Stock	03/13/2026		S(1)(11)		175,372	D	$60.63	152	D
Class A Common Stock	03/13/2026		P(1)(11)		175,372	A	$60.63	1,251,779	I	By LKM Family Trust

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
Stock Option (Right to Buy)	$40.26	03/11/2026		M(1)			242,747	(12)	03/19/2026	Class A Common Stock	242,747	$0	333,954	D
Stock Option (Right to Buy)	$40.26	03/12/2026		M(1)			247,257	(12)	03/19/2026	Class A Common Stock	247,257	$0	86,697	D
Stock Option (Right to Buy)	$40.26	03/13/2026		M(1)			86,697	(12)	03/19/2026	Class A Common Stock	86,697	$0	0	D
Stock Option (Right to Buy)	$36	03/13/2026		M(1)			375,683	(13)	08/05/2026	Class A Common Stock	375,683	$0	0	D

Explanation of Responses:

1. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on December 2, 2025.

2. The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices from $57.28 to $58.27 per share, inclusive. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range.

3. The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices from $58.28 to $58.35 per share, inclusive. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range.

4. The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices from $57.02 to $58.01 per share, inclusive. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range.

5. The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices from $58.02 to $58.12 per share, inclusive. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range.

6. The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices from $56.19 to $57.185 per share, inclusive. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range.

7. The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices from $57.19 to $58.18 per share, inclusive. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range.

8. The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices from $58.20 to $59.08 per share, inclusive. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range.

9. The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices from $59.25 to $60.21 per share, inclusive. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range.

10. The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices from $60.37 to $60.63 per share, inclusive. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range.

11. The reporting person sold the reported securities to the LKM Family Trust, which is administered by an independent trustee for the benefit of the reporting person, his immediate family members and certain charitable organizations.

12. The stock options were granted under an award that vested 50% on June 15, 2020 and 50% on June 15, 2021.

13. The stock options were granted under an award that vested one-third on each of August 15, 2020, August 15, 2021 and August 15, 2022.

Remarks:

	/s/ Laura A. Cleveland as Attorney-in-Fact for Lachlan K. Murdoch	03/13/2026
	** 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 Fox (FOX) CEO Lachlan Murdoch report in this Form 4?

Lachlan Murdoch reported exercising stock options on 952,384 Fox Class A shares and selling 1,127,756 shares in open-market transactions. The activity reflects a large exercise-and-sell sequence, partially offset by a purchase by the LKM Family Trust associated with him.

How many Fox (FOX) shares did Lachlan Murdoch sell and at what prices?

He sold 1,127,756 Class A shares in multiple open-market trades. Footnotes state these occurred across price ranges generally from about 56.19 to 60.63 per share, with each line item reporting a weighted average price for the aggregated sales.

How many Fox (FOX) stock options did Lachlan Murdoch exercise in this filing?

He exercised stock options covering 952,384 Class A shares. These options had exercise prices of 36.00 and 40.26 per share and were originally granted under awards that vested in tranches between 2020 and 2022, according to the footnotes.

Was Lachlan Murdoch’s Fox (FOX) stock sale pre-planned under a Rule 10b5-1 plan?

Yes. A footnote explains the transactions were effected under a Rule 10b5-1 trading plan adopted on December 2, 2025. Such plans are pre-arranged, helping show the trades followed a preset schedule rather than discretionary timing decisions.

What role did the LKM Family Trust play in these Fox (FOX) share transactions?

The filing notes Murdoch sold 175,372 shares to the LKM Family Trust, which then purchased those shares. The trust, run by an independent trustee, holds shares for the benefit of Murdoch, his immediate family members, and certain charitable organizations, creating indirect ownership.

How many Fox (FOX) shares does Lachlan Murdoch hold after these transactions?

After the reported transactions, Murdoch directly owns 152 Class A shares. He also has indirect beneficial ownership of 1,251,779 additional shares held by the LKM Family Trust, giving him continued significant economic exposure through that trust structure.