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Investing.com -- Fox Corporation (NASDAQ:FOXA) stock fell 0.8% in after-hours trading Monday following the company’s announcement of a resolution to the Murdoch Family Trust legal proceedings and a related secondary offering of Class B common stock.
The company revealed that the trustee and beneficiaries of the Murdoch Family Trust have reached a mutual resolution of legal proceedings in Nevada, terminating all litigation. As part of the agreement, 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 partly 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 these transactions, LGC Holdco, LLC, a company established and owned by trusts benefiting Lachlan Murdoch, Grace Murdoch, and Chloe Murdoch, will own all remaining shares previously held by the Murdoch Family Trust. This is expected to include approximately 36.2% of FOX’s Class B common stock and less than 0.1% of FOX’s Class A common stock.
The agreement establishes that voting control of the FOX and News Corporation shares owned by LGC Holdco will rest solely with Lachlan Murdoch through his appointed managing director until 2050. Rupert Murdoch will continue in his role as Chairman Emeritus of the company.
In a separate announcement, FOX disclosed that the trusts established for the departing beneficiaries intend to offer an aggregate of 16,926,837 shares of FOX’s Class B common stock in an underwritten public offering, with Morgan Stanley acting as the sole underwriter. The company will not receive any proceeds from this offering.
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