Rupert Murdoch’s business acumen has built a global media empire that has in many ways defined both modern journalism and entertainment.
Murdoch’s media outlets have been at the center of debates over journalistic ethics, political influence, and the boundaries of media power for decades. It’s hard to overstate the extent of his holdings — The Wall Street Journal, Fox News, and The New York Post are just some of the most notable.
Through News Corp (NASDAQ: NWSA) and Fox Corporation (NASDAQ: FOXA), the billionaire continues to be a key player in the modern media ecosystem — however, amidst a well-publicized spat regarding his succession, he has decided to reduce his stake in the Fox Corporation.
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On November 25 and 26, Rupert Murdoch sold tens of millions of dollars worth of FOXA stock, according to a recently released SEC Form 4 filing dated November 26.
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Murdoch sold more than a million FOXA shares
The Form 4 filing reveals two sell transactions — the first, encompassing 186,871 Fox stocks, was made at a price of $46.22 per unit, worth a total of $8,637,177.
The second included 771,024 FOXA shares at a slightly less favorable price of $46.07, for a total value of $35,521,075. Put together, that’s 957,895 shares, worth approximately $44.2 million at the time of the sale.
With the sale concluded, Murdoch no longer directly holds FOXA stock — although he does, have 13,121 shares in an irrevocable trust. What’s most interesting in this filing is the fact that the equity that was sold off was acquired through stock options — all of which have expiration dates in March, August, or November of 2026, suggesting that either Murdoch is in a rush, or he believes that prices will not be as favorable going forward.
These exercised options saw the billionaire acquire FOXA shares at prices ranging from $26.12 to $40.26 — 43.04% to 12% below current Fox stock prices of $46.15. Fox shares have rallied by 34.04% over the last six months, bringing year-to-date (YTD) returns up to 52.61%.
Is there a correction in the cards for Fox stock?
Despite this significant sale, the Fox Corporation is in a good position at the moment. The company’s Q1 2025 earnings call was a success and saw a beat in terms of both earnings and revenue.
Perhaps most surprisingly, the business’s streaming platform, Tubi, showed impressive results — it may not have reached the caliber of Netflix (NASDAQ: NFLX) yet, but the service is on track for its first year with over $1 billion in revenue, driven primarily by increased political ad spending.
The value proposition of legacy media companies, particularly those with a conservative viewpoint like Fox is imperiled by the rise of new competitors like Elon Musk’s X or even President-Elect Trump’s Truth Social. However, Fox remains a mainstay of American political discourse — and empires of that extent rarely go quietly or quickly.
Ultimately, even though a figure like $44.2 million appears significant at first, the reduction in Murdoch’s stake is unlikely to have an impact on the performance of Fox stock going forward.
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