Murdoch Bought 600,000 Fox Shares Then Sold and Bought Them Back
Murdoch Bought 600,000 Fox Shares Then Sold and Bought Them Back
(Bloomberg) -- Rupert Murdoch bought $21.2 million of Fox Corp. shares Friday, and this time it seems the billionaire meant to do so.
Fox’s co-chairman issued the third in a string of SEC filings at the end of the working week, confirming he had bought 600,000 shares in the media company he controls. The filing came just five days after an earlier notice saying he had sold the same quantity of shares that had been bought in error the previous week.
Murdoch originally bought the 600,000 additional shares for an average price of $34.27 on June 5, 6 and 7, according to an SEC filing. But the same form also disclosed that the shares had been sold a few days later for $34.04.
“The subject shares have been purchased in error, which purchase has been deemed inadvertent and the subject shares were promptly sold,” the filing said. “Any short swing profit resulting from the erroneous purchase and subsequent sale will be returned to the Issuer.”
Four days later he purchased another block of shares of the same size at a price of $35.29, without any additional explanation. Representatives for Fox didn’t immediately respond to requests for comment Saturday.
To contact the reporter on this story: Jack Sidders in London at jsidders@bloomberg.net
To contact the editors responsible for this story: Shelley Robinson at ssmith118@bloomberg.net, ;James Ludden at jludden@bloomberg.net, James Amott
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