News Corp Chairman and CEO Rupert Murdoch sold about $10 million of the company's Class A shares on November 20, according to a regulatory filing on Wednesday.
The sale of 418,631 Class A shares represent about 5 percent of Murdoch and his family's total Class A.
Murdoch and his family control News Corp through their ownership of about 40 percent of Class B voting shares.
Shares of News Corp, home to 20th Century Fox, Fox TV stations and the Wall Street Journal, have been on a tear up almost 50 percent year over year.
The company is preparing to separate its publishing and entertainment assets next year in a move to appease shareholders who have been pressing the company to shed its troubled newspaper business.
The stock closed down 0.7 percent at $23.82 on Wednesday.