[Form 4] Fox Corporation Insider Trading Activity

Rhea-AI Filing Summary

Fox Corporation insider filing reports a family reorganization of share ownership completed on September 6, 2025. The Murdoch Family Trust transferred approximately 50% of its Class A and Class B common stock to three "Departing Member Trusts" for Prudence MacLeod, Elisabeth Murdoch and James Murdoch and their descendants and charities, and transferred the remaining Class A and Class B shares to three "LGC Family Trusts" for Lachlan K. Murdoch, Grace Murdoch and Chloe Murdoch and their descendants and charities.

The filing shows reported dispositions of 19,000 shares of Class A common stock and 102,207,826 shares of Class B common stock, with beneficial ownership following the transactions reported as 0 shares for the reporting entities. Cruden Financial Services LLC is the initial sole trustee and manager of the new trusts and LGC Holdco, and may be deemed to continue beneficial ownership for Rule 16 purposes, though it disclaims any pecuniary interest.

Positive

• Consolidation into defined trusts clarifies beneficial beneficiaries for estate and succession planning
• Initial trustee and manager continuity (Cruden) may preserve stability in voting and oversight during transition

Negative

• Reporting entities show zero direct beneficial ownership after the transfers, reflecting a large change in reported holdings
• Cruden may be deemed to retain beneficial ownership under Rule 16 despite disclaimers, which could create reporting complexity

Insights

Corporate Governance Expert

TL;DR: Family ownership was reallocated into separate trusts; trustee control remains centralized under Cruden Financial Services LLC.

This Form 4 documents a structural reallocation of Murdoch Family Trust holdings into multiple beneficiary trusts and a family holding company (LGC Holdco). Such transfers are commonly used for estate planning, succession and governance clarity. The notable point for investors is that while legal title moved, Cruden remains initial sole trustee/manager and therefore may be deemed to retain beneficial ownership for reporting purposes. That continuity of trustee control could mean minimal near-term changes to voting alignment or corporate governance despite the nominal transfer of shares.

Securities/Trusts Specialist

TL;DR: Large share dispositions were reported, with direct holdings by the reporting entities shown as zero after transfers.

The filing discloses specific disposed amounts: 19,000 Class A shares and 102,207,826 Class B shares, and indicates those shares were allocated among six new trusts and contributed to LGC Holdco. For Rule 16 reporting, Cruden as initial trustee/manager may be treated as beneficial owner of those shares absent further changes. The disclosure includes signed attestations dated September 9, 2025, confirming the transactions and trustee roles.

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
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X

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

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 FAMILY TRUST

(Last) (First) (Middle)

C/O MAUPIN, COX & LEGOY

4785 CAUGHLIN PARKWAY

(Street)

RENO NV 89519

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/06/2025

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

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

	Form filed by One Reporting Person
X	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	09/06/2025		J(1)(2)		19,000	D	$0	0(3)	D
Class B Common Stock	09/06/2025		J(1)(2)		102,207,826	D	$0	0(3)	D

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

1. Name and Address of Reporting Person^*

MURDOCH FAMILY TRUST

(Last) (First) (Middle)

C/O MAUPIN, COX & LEGOY

4785 CAUGHLIN PARKWAY

(Street)

RENO NV 89519

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

CRUDEN FINANCIAL SERVICES LLC

(Last) (First) (Middle)

C/O MAUPIN, COX & LEGOY

4785 CAUGHLIN PARKWAY

(Street)

RENO NV 89519

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. On September 6, 2025, the Murdoch Family Trust (the "MFT") transferred (i) approximately 50% of the shares of Class A common stock, par value $0.01 per share ("Class A Shares"), of the Issuer and approximately 50% of the shares of Class B common stock, par value $0.01 per share ("Class B Shares"), of the Issuer held by the MFT to three trusts established by Cruden Financial Services LLC, the sole trustee of the MFT ("Cruden"), one for the benefit of each of Prudence MacLeod, Elisabeth Murdoch and James Murdoch and their respective descendants and charitable organizations (collectively, the "Departing Member Trusts"), and (ii) the remaining Class A Shares and Class B Shares held by the MFT to three trusts established by Cruden, one for the benefit of each of Lachlan K. Murdoch, Grace Murdoch and Chloe Murdoch and their respective descendants and charitable organizations (collectively, the "LGC Family Trusts").

2. The LGC Family Trusts subsequently contributed such Class A Shares and Class B Shares to LGC Holdco, LLC, a Delaware limited liability company ("LGC Holdco"), which is owned by the LGC Family Trusts and initially managed by Cruden.

3. As of the date hereof, Cruden is the initial sole trustee of the LGC Family Trusts and the Departing Member Trusts and the initial sole manager of LGC Holdco. As a result, at present, Cruden may be deemed to continue to have beneficial ownership for purposes of Rule 16a-1(a)(1) of the Class A Shares and Class B Shares held by the Departing Member Trusts and LGC Holdco, but disclaims any pecuniary interest in such shares.

	/s/ William P. Barr, as President of Cruden Financial Services LLC, the Trustee, for Murdoch Family Trust	09/09/2025
	/s/ William P. Barr, as President, for Cruden Financial Services LLC	09/09/2025
	** 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 transactions does the FOXA Form 4 report?

The Form 4 reports transfers on September 6, 2025 of approximately 50% of the Murdoch Family Trust's Class A and Class B shares to three Departing Member Trusts and the remaining shares to three LGC Family Trusts.

How many shares were disposed of according to the filing?

The filing reports dispositions of 19,000 Class A common shares and 102,207,826 Class B common shares.

Who is listed as trustee or manager after the transfers?

Cruden Financial Services LLC is identified as the initial sole trustee of the new trusts and the initial sole manager of LGC Holdco.

Do the reporting persons retain beneficial ownership?

The filing states that Cruden may be deemed to continue to have beneficial ownership for Rule 16 purposes, but it disclaims any pecuniary interest in those shares.

When was the Form 4 signed and by whom?

The Form 4 was signed by William P. Barr as President of Cruden Financial Services LLC on September 9, 2025.