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Fox Corporation ("FOX" or the "Company") (NASDAQ:FOXA, FOX))) today announced that the trustee and beneficiaries of the Murdoch Family Trust ("MFT") informed the Company that they have reached a mutual resolution of the legal proceedings in Nevada related to the MFT, resulting in the termination of all litigation.
New trusts will be established for the benefit of Lachlan Murdoch, Grace Murdoch and Chloe Murdoch (the "Remaining Beneficiary Trusts"), and Prudence MacLeod, Elisabeth Murdoch and James Murdoch (the "Departing Beneficiaries") will cease to be beneficiaries in any trust holding shares in FOX or News Corporation. New trusts for the benefit of the Departing Beneficiaries will receive cash consideration funded in part using proceeds from 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 MFT.
Following these transactions, LGC Holdco, LLC ("LGC Holdco"), a company which was established, and is owned, by the Remaining Beneficiary Trusts, will own all of the remaining shares of FOX and News Corporation previously held by the MFT, which 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 and approximately 33.1% of News Corporation's Class B common stock and less than 0.1% of News Corporation's Class A common stock. During the six-month period following these transactions, the Departing Beneficiaries will also sell their de minimis personal holdings in FOX and News Corporation such that after this six-month period none of the Departing Beneficiaries will have any interest, directly or indirectly, in FOX or in News Corporation. The Departing Beneficiaries will be subject to a long-term standstill agreement preventing them, and their affiliates, from acquiring shares of FOX and News Corporation and taking certain other actions with respect to the companies.
We have further been informed that a term of 2050 will be established for the Remaining Beneficiary Trusts and that, following the above transactions and throughout the term, voting control with respect to the FOX and News Corporation shares owned by LGC Holdco will rest solely with Lachlan Murdoch through his appointed managing director. Rupert Murdoch will continue in his role as Chairman Emeritus of the Company.
FOX's board of directors welcomes these developments and believes that the leadership, vision and management by the Company's CEO and Executive Chair, Lachlan Murdoch, will continue to be important to guiding the Company's strategy and success.
