The 21st Century Fox deputy COO, has sold about 18.5% of his stake in the media company for about $15 million. Murdoch, son of 21st Century Fox Chairman and CEO Rupert Murdoch, disclosed he sold 455,000 Class A shares at an average price of $32.97. James Murdoch still owns nearly two million Class A shares of 21st Century Fox.
21st Century Fox spokeswoman Julie Henderson told WSJ the stock sale was for “financial planning purposes.”
The disclosure comes ten days after 21st Century Fox reported its fiscal Q1 profit slid 44%, partially blaming startup costs for two cable networks–FXX and Fox Sports 1.