Murdoch Sells Voting Shares in News Corp. Worth About $40 Million
02/15/2013| 06:06pm US/Eastern
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News Corp.'s (NWS, NWSA) Chairman and Chief Executive Rupert Murdoch sold voting shares in the company worth around $40.1 million earlier this week, reducing his voting stake in the company by a fraction of a percent, according to a securities filing late Friday.
Mr. Murdoch sold 1.396 million class B shares On Wednesday for $28.72 each. On Friday the shares hit an all-time high of $29.34. The B shares have gained nearly 45% over the last year.
Mr. Murdoch and his family own nearly 40% of News Corp.'s voting shares. The vast majority of the family's stake is held through a Murdoch family trust. The shares sold this week were held by another trust for Mr. Murdoch's benefit. The sale reduced that trust's stake to 9.25 million shares from 10.6 million shares. Overall the Murdoch family's voting stake dropped to 39.6% from 39.7% as a result.
Last November, Mr. Murdoch sold the remaining portion of his Class A, non-voting shares in the company, which were valued at more than $10 million. He had sold another $62 million worth of non-voting shares a year earlier.
News Corp. owns Dow Jones & Co., publisher of The Wall Street Journal and Dow Jones Newswires.
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