Rupert Murdoch Buys $21.2M In Fox Corp. Stock A Week After Buying “In Error”

Rupert Murdoch
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Fox Corp. executive chairman Rupert Murdoch bought shares in the company worth $21.2 million about a week after buying a similar amount “in error” and then quickly selling it again.

According to the latest in a series of SEC filings, the company disclosed on Friday that Murdoch bought 600,000 shares in Fox Corp., which finished the week at $34.96. The purchase price of Murdoch’s shares was $35.29.

On June 5, 6 and 7, according to a different filing, Murdoch had bought the same number of shares for an average of $34.27. But the SEC document explained that the shares were “purchased in error, which purchase has been deemed inadvertent and the subject shares were promptly sold.” The sale price was $34.04.

While a host of Wall Street traders routinely make money through rapid buying and selling, that wasn’t the objective of Fox’s 88-year-old paterfamilias, the filing explained. “Any short swing profit resulting from the erroneous purchase and subsequent sale will be returned to the issuer,” it said.

A Fox rep did not immediately respond to Deadline’s request for comment on Saturday.

Many Wall Street analysts have maintained that Fox stock is undervalued. The company, which sold two-thirds of itself (under its previous identity as 21st Century Fox) to Disney, has become a leaner, more focused entity whose key assets are Fox News, the Fox broadcast network and a profitable string of local TV stations. The $71.3 billion Disney deal, which made Murdoch and his family the largest individual shareholders in Disney, closed in March and Fox then began trading under its new ticker symbol, FOX. Its shares have since lost nearly 12% of their value.

This article was printed from https://deadline.com/2019/06/rupert-murdoch-buys-21-2m-in-fox-corp-stock-a-week-after-buying-in-error-1202633244/