It appears Lachlan Murdoch has been liquidating some of his inheritance to pay for his new investments. According to an SEC filing, the eldest son of Rupert Murdoch sold about half of his personal stake in News Corporation last week.
In three transactions, the younger Murdoch sold 2,295,400 shares of News Corp. Class A stock at prices ranging from $12.00 per share to $12.03. In all, he sold the stake for $27,565,557 before sales commissions.
The sales came last week as Lachlan Murdoch cut a deal to buy a half interest in an Australian radio group. It’s now reported that he is part of a group preparing to buy Nielsen’s trade magazine group.
Even after the recent stock sales, Lachlan Murdoch still owns 2,289,316 shares of News Corp., worth a bit over $27.4 million.