FOX Corporation resolves Murdoch family trust litigation

FOX Corporation (NASDAQ: FOXA, FOX) announced that the trustee and beneficiaries of the Murdoch Family Trust have reached a resolution of legal proceedings in Nevada, resulting in the termination of all litigation.

Under the agreement, new trusts will be established for Lachlan Murdoch, Grace Murdoch and Chloe Murdoch. Three other beneficiaries - Prudence MacLeod, Elisabeth Murdoch and James Murdoch - will cease to be beneficiaries in any trust holding shares in FOX or News Corporation.

The departing beneficiaries will receive cash consideration funded in part through the public sale of approximately 16.9 million shares of FOX Class B common stock and approximately 14.2 million shares of News Corporation Class B common stock previously held by the trust.

Following the transactions, LGC Holdco, a company owned by the remaining beneficiary trusts, will own the remaining shares previously held by the Murdoch Family Trust. This is expected to consist of approximately 36.2% of FOX's Class B common stock and less than 0.1% of FOX's Class A common stock.

The remaining beneficiary trusts will have a term ending in 2050, with voting control of the FOX and News Corporation shares owned by LGC Holdco resting solely with Lachlan Murdoch through his appointed managing director. Rupert Murdoch will continue as Chairman Emeritus.

The departing beneficiaries will sell their personal holdings in FOX and News Corporation within six months and will be subject to a standstill agreement preventing them from acquiring shares of FOX and News Corporation.

The information was disclosed in a press release statement from the company.

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