Rupert Murdoch, chairman and chief executive officer of News Corp, sold less than 1 percent of his shares in the media company.
Murdoch sold 1,396,571 million Class B shares, out of 317,290,709 shares, on February 13, for $40.1 million, according to a regulatory filing on Friday.
News Corp, which owns Fox Network, The Wall Street Journal, and 20th Century Fox movie studios, is controlled by Murdoch's family through its ownership of 40 percent of Class B voting shares.
In November, Murdoch sold his Class A shares.
Shares of News Corp are up almost 50 percent in the past 12 months. The stock closed up 1.4 percent at $28.90 on Friday.
(Reporting By Jennifer Saba in New York; editing by Carol Bishopric)