Fox Stock Extends Losses After Murdoch Share Sale Announcement

Fox Corp (NASDAQ:FOX) (NASDAQ:FOXA) shares are trading lower Wednesday afternoon, extending weakness that began after the company’s major announcements late Monday.

What To Know: The lingering pressure on the stock follows the pricing of a secondary offering of nearly 16.9 million Class B common shares at $54.25 per share. Fox will not receive any proceeds, as the shares are being sold by trusts connected to James Murdoch, Elisabeth Murdoch and Prudence MacLeod.

This offering is the result of a mutual resolution of legal proceedings in Nevada concerning the Murdoch Family Trust. The settlement allows the three siblings to divest their financial interests in the company.

In a corresponding move, a new trust established for CEO and Executive Chair Lachlan Murdoch will consolidate the family’s remaining voting stake. This solidifies his control over the media empire’s direction while his siblings make a definitive exit.

Benzinga Edge Rankings: Despite the stock’s continued weakness, Benzinga Edge data affirms a core strength for Fox, highlighting a robust Growth score of 96.06.

FOX Price Action: According to data from Benzinga Pro, FOX shares are trading lower by 2.19% to $51.86 Wednesday afternoon. The stock has a 52-week high of $57.02 and a 52-week low of $35.89.

Read Also: The Trade Desk Stock Is Sliding Wednesday: What’s Driving The Action?

How To Buy FOX Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Fox’s case, it is in the Communication Services sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

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