[Form 4] News Corporation Insider Trading Activity

Rhea-AI Filing Summary

Murdoch Family Trust and Cruden Financial Services LLC reported internal transfers of News Corp shares on 09/06/2025. The filing discloses that the Murdoch Family Trust transferred approximately 50% of its Class A and Class B common stock to three trusts for Prudence MacLeod, Elisabeth Murdoch and James Murdoch ("Departing Member Trusts") and transferred the remaining Class A and Class B shares to three trusts for Lachlan K. Murdoch, Grace Murdoch and Chloe Murdoch ("LGC Family Trusts"). The LGC Family Trusts contributed their shares to LGC Holdco, LLC, which is owned by those trusts and initially managed by Cruden. Table I shows dispositions coded J(1)(2): 14,250 Class A shares and 76,655,870 Class B shares were disposed with a reported price of $0, resulting in 0 shares beneficially owned by the reporting entities after the transactions. Cruden is the initial sole trustee/manager and may be deemed to beneficially own the transferred shares but disclaims any pecuniary interest.

Positive

• Internal estate and ownership restructuring completed via trust transfers and formation of LGC Holdco as documented in the filing
• Clear disclosure of transaction details including exact share counts for Class A and Class B dispositions and trustee/manager identities

Negative

• Large dispositions recorded: 14,250 Class A shares and 76,655,870 Class B shares were disposed by the reporting entities on 09/06/2025
• Reporting entities show 0 shares beneficially owned following the transactions per Table I

Insights

Corporate Governance Expert

TL;DR: Family trust restructuring moved large blocks of Class A and B stock into new trusts and an LLC, preserving family control while altering reported ownership.

The Form 4 documents a planned internal reallocation of News Corp equity among family trusts and an LLC on 09/06/2025. The filing is explicit that approximately half of the MFT's Class A and Class B shares were moved to departing member trusts and the remainder to LGC Family Trusts, with the LGC Family Trusts contributing to LGC Holdco, LLC. Cruden Financial Services LLC serves as initial trustee and manager and is identified as potentially deemed beneficial owner under Rule 16a-1(a)(1) while disclaiming pecuniary interest. From a governance perspective, these steps consolidate ownership into discrete family vehicles and a family-controlled LLC, which may change public reporting lines though the filing contains no indications of third-party transfers or sales.

Securities Transactions Analyst

TL;DR: The filing reports material dispositions of common stock by the reporting parties, with zero shares retained post-transaction per Table I.

Table I records dispositions coded J(1)(2) showing 14,250 Class A shares and 76,655,870 Class B shares disposed on 09/06/2025 at a $0 reported price, leaving 0 shares beneficially owned by the reporting entities after the transactions. The explanatory notes clarify these were internal transfers to newly established trusts and an LLC rather than open-market sales. Signatures indicate filings by Murdoch Family Trust and Cruden Financial Services LLC, signed by William P. Barr on 09/09/2025. The recorded numbers are explicit and materially large in absolute terms; the form itself does not state any change in voting arrangements or sale proceeds.

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

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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
NEWS CORP [ NWS ]

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)		14,250	D	$0	0(3)	D
Class B Common Stock	09/06/2025		J(1)(2)		76,655,870	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).
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FAQ

What transfers did the Murdoch Family Trust report on Form 4 for NWSA?

The filing reports transfers on 09/06/2025 splitting the MFT's shares between Departing Member Trusts and LGC Family Trusts; the LGC Family Trusts contributed shares to LGC Holdco, LLC.

How many Class A and Class B News Corp shares were disposed according to the Form 4?

Table I reports dispositions of 14,250 Class A shares and 76,655,870 Class B shares on 09/06/2025.

What price was reported for the share transfers on the Form 4?

The reported price for the transactions in Table I is $0.

Who is listed as the trustee/manager for the new trusts and LGC Holdco?

Cruden Financial Services LLC is listed as the initial sole trustee of the LGC Family Trusts and Departing Member Trusts and the initial sole manager of LGC Holdco.

Do the reporting persons retain beneficial ownership after the transfers?

Per Table I, the reporting entities show 0 shares beneficially owned following the reported transactions.