MURDOCH LACHLAN K 4

What Happened

• Lachlan K. Murdoch, Executive Chair and CEO of Fox Corp (FOX), exercised stock options on March 11–13, 2026 and concurrently sold shares in multiple open-market transactions. He exercised a total of 952,384 shares (242,747; 247,257; 86,697; 375,683) at exercise prices of $40.26 and $36.00, paying about $36.74M in aggregate.
• Over March 11–13 he sold a total of 1,127,756 shares in open-market trades at weighted prices across several ranges for aggregate proceeds of about $65.40M. He also purchased 175,372 shares on March 13 for $10.63M (same quantity/price reflected in a sale to the LKM Family Trust). The total number of shares acquired (exercises + purchase) equals the total number sold, consistent with a cashless exercise/transfer pattern.

Key Details

• Dates & prices: exercises on 2026-03-11, 03-12 and 03-13 (strikes $40.26 and $36.00); sales executed 03-11–03-13 at weighted prices in ranges reported (see footnotes for per-trade ranges); one open-market purchase on 03-13 at $60.63.
• Aggregate counts and amounts: exercised 952,384 shares (paid ~$36.74M); sold 1,127,756 shares (proceeds $65.40M); purchased 175,372 shares ($10.63M).
• Shares owned after transaction: not provided in the data you supplied.
• Notable footnotes: several sales were effected under a Rule 10b5-1 plan adopted Dec 2, 2025; a block of 175,372 shares was sold to the LKM Family Trust (administered by an independent trustee for Mr. Murdoch’s benefit and his family/charities); options exercised stem from grants that vested in 2020–2022 (per vesting-footnotes).
• Timeliness: Form 4 filed 2026-03-13 for transactions beginning 2026-03-11 — filed within the normal 2-business-day window (no late filing flag).

Context

• Derivative explanation: “M” transactions are option exercises (the filing also shows corresponding derivative disposals at $0.00 to reflect conversion). Because the number of shares acquired via exercise plus an open-market purchase equals the number sold, this appears to be a cashless exercise/transfer pattern rather than an outright accumulation of new shares.
• What it means for investors: routine option exercises followed by sales are common for executives to cover exercise costs, taxes or to transfer shares to trusts; these trades are factual disclosures and do not by themselves indicate a change in company outlook.