Fox, News Corp shares down after Murdoch family's succession deal

News Corp

09/09/2025 11:08

** Fox Corp's Class B shares FOX.O down 4.4% at $54.29 and News Corp's Class B shares NWS.O down 4.5% to $32.44 on very light premarket volume after Rupert Murdoch and his children reached an agreement that will give the eldest son Lachlan Murdoch control over the media empire

    ** Under the deal, Rupert's three children James Murdoch, Elisabeth Murdoch and Prudence MacLeod are each expected to receive about $1.1 bln in proceeds, according to a source, and they agreed to sell their personal holdings in Fox and News Corp over a period of six months

    ** Subsequently, Fox late Mon announced pricing secondary offering of ~16.8 mln shares sold by the trio at $54.25 for ~$913.3 mln gross proceeds, and
    News Corp announced pricing secondary offering of ~14.1 mln shares sold by them at $32.45 for ~$456.6 mln gross proceeds

** Both offerings priced at 4.5% discount to their respective last sale prices on Mon with Morgan Stanley acting as sole underwriter

** Through Mon close, FOX shares gained ~24% YTD while NWS stock rose ~12% in 2025

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))