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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of 1934
(Amendment No. 2)
TWENTY-FIRST CENTURY FOX, INC.
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(Name of Issuer)
Class B Common Stock
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(Title of Class of Securities)
90130A200
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(CUSIP Number)
Allison Bennington, Esq.
ValueAct Capital
One Letterman Drive, Building D, Fourth Floor
San Francisco, CA 94129
(415) 362-3700
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(Name, address and telephone number of Person
Authorized to Receive Notices and Communications)
Allison Bennington, Esq.
ValueAct Capital
One Letterman Drive, Building D, Fourth Floor
San Francisco, CA 94129
(415) 362-3700
September 28, 2015
------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box [ ].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 240.13d-7 for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
This information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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SCHEDULE 13D
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CUSIP NO. 90130A200 Page 2 of 19
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
Volpe Velox, L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS (See Instructions)*
OO*
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 47,326,334**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
47,326,334**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
47,326,334**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.9%
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14. TYPE OF REPORTING PERSON
PN
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. 90130A200 Page 3 of 19
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
Volpe Velox, LLC
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS (See Instructions)*
OO*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 47,326,334**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
47,326,334**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
47,326,334**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.9%
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14. TYPE OF REPORTING PERSON
OO (LLC)
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. 90130A200 Page 4 of 19
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
Jeffrey W. Ubben
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS (See Instructions)*
OO*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 47,326,334**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
47,326,334**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
47,326,334**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.9%
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14. TYPE OF REPORTING PERSON
IN
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. 90130A200 Page 5 of 19
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Capital Master Fund, L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS (See Instructions)*
WC*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
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7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 0**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
0**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
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14. TYPE OF REPORTING PERSON
PN
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. 90130A200 Page 6 of 19
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
VA Partners I, LLC
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
OO*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 0**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
0**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
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14. TYPE OF REPORTING PERSON
00 (LLC)
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. 90130A200 Page 7 of 19
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Capital Management, L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
OO*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 0**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
0**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
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14. TYPE OF REPORTING PERSON
PN
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. 90130A200 Page 8 of 19
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Capital Management, LLC
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
OO*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 0**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
0**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
00 (LLC)
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. 90130A200 Page 9 of 19
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Holdings, L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
---------------------------------------------------------------------------
4. SOURCE OF FUNDS*
OO*
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 0**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
0**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
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14. TYPE OF REPORTING PERSON
PN
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*See Item 3
**See Items 2 and 5
SCHEDULE 13D
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CUSIP NO. 90130A200 Page 10 of 19
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Holdings GP, LLC
---------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS*
OO*
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 0**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
0**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
00 (LLC)
-----------------------------------------------------------------------------
*See Item 3
**See Items 2 and 5
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CUSIP NO. 90130A200 Page 11 of 19
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THE PURPOSE OF THIS AMENDMENT NO. 2 TO SCHEDULE 13D IS TO AMEND THE OWNERSHIP
REPORTS OF THE REPORTING PERSONS AND TO AMEND ITEM 4(PURPOSE OF TRANSACTION),
ITEM 6 (CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER), AND ITEM 7 (MATERIAL TO BE FILED AS EXHIBITS).
THE INFORMATION BELOW SUPPLEMENTS THE INFORMATION PREVIOUSLY PROVIDED.
Item 1. Security and Issuer
This Schedule 13D relates to the Class B Common Stock, $0.01 par value
per share, (the "Class B Stock") of Twenty-First Century Fox, Inc., a
Delaware Corporation (the "Issuer"). The address of the principal executive
offices of the Issuer is 1211 Avenue of the Americas, New York, NY 10036.
Item 2. Identity and Background
This statement is filed jointly by (a) Volpe Velox, L.P. ("Volpe
Velox L.P."), (b) Volpe Velox, LLC ("Volpe Velox LLC"), (c) Jeffrey W. Ubben
(d) ValueAct Capital Master Fund, L.P. ("ValueAct Master Fund"), (e) VA
Partners I, LLC ("VA Partners I"), (f) ValueAct Capital Management, L.P.
("ValueAct Management L.P."), (g) ValueAct Capital Management, LLC ("ValueAct
Management LLC"), (h) ValueAct Holdings, L.P. ("ValueAct Holdings") and (i)
ValueAct Holdings GP, LLC ("ValueAct Holdings GP")(collectively, the
"Reporting Persons").
Volpe Velox, L.P. is a Delaware limited partnership. It has a
principal business address of One Letterman Drive, Building D, Fourth Floor,
San Francisco, CA 94129.
Volpe Velox, LLC is a Delaware limited liability company, the
principal business of which is to serve as the General Partner to Volpe Velox
L.P. It has a principal business address of One Letterman Drive, Building D,
Fourth Floor, San Francisco, CA 94129. Jeffrey W. Ubben is the Managing
Member of Volpe Velox, LLC.
ValueAct Master Fund is a limited partnership organized under the
laws of the British Virgin Islands. It has a principal business address of
One Letterman Drive, Building D, Fourth Floor, San Francisco, CA 94129.
VA Partners I is a Delaware limited liability company, the principal
business of which is to serve as the General Partner to ValueAct Master Fund.
It has a principal business address of One Letterman Drive, Building D,
Fourth Floor, San Francisco, CA 94129.
ValueAct Management L.P. is a Delaware limited partnership which
renders management services to ValueAct Master Fund. ValueAct Management LLC
is a Delaware limited liability company, the principal business of which is
to serve as the General Partner to ValueAct Management L.P. Each has a
principal business address of One Letterman Drive, Building D, Fourth Floor,
San Francisco, CA 94129.
ValueAct Holdings is a Delaware limited partnership and is the sole
owner of the limited partnership interests of ValueAct Management L.P. and
the membership interests of ValueAct Management LLC and is the majority owner
of the membership interests of VA Partners I. ValueAct Holdings GP is a
Delaware limited liability company, the principal business of which is to
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CUSIP NO. 90130A200 Page 12 of 19
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serve as the General Partner to ValueAct Holdings. Each has a principal
business address of One Letterman Drive, Building D, Fourth Floor, San
Francisco, CA 94129.
(d) and (e). None of the entities or persons identified in this Item 2
has during the past five years been convicted of any criminal proceeding
(excluding traffic violations or similar misdemeanors), nor been a party to a
civil proceeding of a judicial or administrative body of competent judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration
Not applicable.
Item 4. Purpose of Transaction
On September 29, 2015, Twenty-First Century Fox, Inc. (the "Issuer")
announced that it entered into a Nomination Agreement dated September 28,
2015 (the "Nomination Agreement") with ValueAct Capital Master Fund L.P., VA
Partners I, LLC, ValueAct Capital Management, L.P., ValueAct Capital
Management, LLC, ValueAct Holdings, L.P., ValueAct Holdings GP, LLC, Volpe
Velox, L.P., Volpe Velox, LLC and Jeffrey W. Ubben (collectively, the
"ValueAct Group"). The ValueAct Group currently beneficially owns
approximately 5.9% of the Issuer's outstanding Class B Common Stock.
Pursuant to the Nomination Agreement, and subject to the conditions
set forth therein, the Issuer agreed to nominate Mr. Ubben, the Founder,
Chief Executive Officer and Chief Investment Officer of ValueAct Capital, for
election to the Issuer's Board of Directors (the "Board") at the Issuer's
annual meeting of stockholders to be held in 2015 (the "2015 Annual
Meeting").
Subject to certain exceptions, if at any time the ValueAct Group
ceases to own at least 5% of the outstanding Class B Common Stock of the
Issuer, the Issuer will no longer be required to nominate Mr. Ubben for
election at the 2015 Annual Meeting and, if he previously joined the Board,
Mr. Ubben will be required to resign from the Board. Under the Nomination
Agreement, in the event that Mr. Ubben no longer serves as an Issuer director
prior to the Issuer's 2016 annual meeting of stockholders (the "2016 Annual
Meeting") due to his death or disability, the Issuer and the ValueAct Group
shall work together to nominate a mutually acceptable replacement so long as
the ValueAct Group continues to own at least 5% of the Issuer's outstanding
Class B Common Stock.
For the duration of the Standstill Period (as defined below), the
ValueAct Group has agreed, among other things, that it will not: (i) in any
way participate in any "solicitation" of proxies, or advise, encourage or
influence any person with respect to the voting of any securities of the
Issuer with respect to the election of individuals to the Board or approval
of any stockholder proposals, make or be a proponent of any stockholder
proposal or initiate, encourage or participate in any "withhold" or similar
campaign; (ii) in any way participate in any group (within the meaning of
Section 13(d) of the Exchange Act) with any persons who are not ValueAct
affiliates with respect to the Issuer's securities; (iii) acquire any
-------------------------- -------------------------
CUSIP NO. 90130A200 Page 13 of 19
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beneficial or other ownership interest of (A) 7.0% or more of the Issuer's
Class B Common Stock outstanding at such time or (B) 7.0% or more of the
Issuer's Class A Common Stock outstanding at such time; (iv) knowingly sell
the securities of the Issuer to any person or entity that would own more than
4.9% of the outstanding shares of the Issuer's Class B Common Stock or 4.9%
of the outstanding shares of the Issuer's Class A Common Stock following such
transaction; (v) effect or seek to effect any tender or exchange offer,
merger, consolidation, acquisition, scheme, arrangement, business
combination, recapitalization, reorganization, sale or acquisition of
material assets, liquidation, dissolution or other extraordinary transaction
involving the Issuer, or frustrate or seek to frustrate any extraordinary
transaction proposed or endorsed by the Issuer, or make any public statement
with respect to an extraordinary transaction; (vi) engage in any short sale
or similar derivative transaction related to the market price or value of the
Issuer's securities; (vii) call or seek to call any meeting of stockholders,
nominate any candidate to the Board, seek the removal of any member of the
Board, seek to act by written consent, or make a request for any stockholder
list or other Issuer books and records; (viii) support or make any proposal
that constitutes advising, controlling, changing or influencing the Board or
management of the Issuer, any material change in the capitalization, stock
repurchase programs and practices, capital or asset allocation programs and
practices or dividend policy of the Issuer, seeking to have the Issuer waive
or amend its governance documents, or causing any class of securities of the
Issuer to become eligible for deregistration; (ix) make any statement or
announcement that constitutes an attack on or otherwise disparages the
Issuer, any of the Issuer's affiliates or any of the Issuer's past, present
or future officers or directors appointed during the term of the Nomination
Agreement; (x) other than to enforce the Nomination Agreement or
indemnification obligations of the Issuer to its directors, institute,
solicit or assist or join as a party (or threaten any of the foregoing) any
action, complaint, litigation, arbitration or similar proceeding against, or
to which the Issuer, the Issuer's affiliates or any of their respective past,
present or future directors, officers or employees appointed during the term
of the Nomination Agreement is a party; (xi) make any public disclosure,
announcement or statement regarding a plan or proposal with respect to the
Issuer; (xii) enter into any discussions, negotiations, agreements, or
understandings with any third party to take any action with respect to any of
the foregoing; or (xii) request, directly or indirectly, any amendment or
waiver of the foregoing.
During the Standstill Period, the restrictions described above will
not be deemed to prohibit (i) the ValueAct Group from communicating privately
with the Issuer's directors or officers, so long as such communications are
not intended to and would not be reasonably expected to require any public
disclosure of such communications or (ii) Mr. Ubben from acting solely in his
capacity as a director of the Issuer consistent with his fiduciary duties in
such capacity. The ValueAct Group has further agreed to the restrictions
described above as applied to any and all of the Issuer's subsidiaries and
any and all entities in which the Issuer, directly or indirectly,
beneficially owns at least 20% of such entity's outstanding capital stock.
The "Standstill Period" means the period commencing on September 28,
2015 and terminating at 12:01 a.m. on the day following the earliest of (i)
the date of the 2016 Annual Meeting, (ii) the date that is 90 days after the
death or disability of Mr. Ubben (or a replacement director designated by the
ValueAct Group), and (iii) the date that is 30 days following a material
-------------------------- -------------------------
CUSIP NO. 90130A200 Page 14 of 19
-----------------------------------------------------------------------------
breach of certain of the Issuer's obligations under the Nomination Agreement.
The Nomination Agreement terminates on the earlier of: (i) the mutual
written agreement of the ValueAct Group and the Issuer and (ii) the day
following the final day of the Standstill Period.
The foregoing summary of the Nomination Agreement is not complete and
is subject to, and qualified in its entirety by, the text of the Nomination
Agreement, a copy of which is filed as Exhibit 99.1 to the Issuer's Current
Report on Form 8-K dated September 29, 2015 and incorporated herein by
reference.
In connection with the execution of the Nomination Agreement, the
Issuer entered into a Confidentiality Agreement with the members of the
ValueAct Group which shall become effective as of September 28, 2015.
The forgoing paragraph supplements the information set forth in Item
4 of Reporting Person's Schedule 13D dated September 29, 2015.
Item 5. Interest in Securities of the Issuer
(a) and (b). Set forth below is the beneficial ownership of shares of
Class B Stock of the Issuer for each person named in Item 2. Shares reported
as beneficially owned by Volpe Velox, L.P. are also reported as beneficially
owned by (i) Volpe Velox, LLC and (ii) Jeffrey W. Ubben.
Volpe Velox, LLC replaced VA Partners I is the General Partner of
Volpe Velox, L.P. VA Partners I is the General Partner of ValueAct Master
Fund and to the extent that ValueAct Master Fund reports beneficial ownership
of Class B Stock of the Issuer, then (i)ValueAct Management L.P. as the
manager of each such investment partnership, (ii) ValueAct Management LLC, as
General Partner of ValueAct Management L.P., (iii) ValueAct Holdings, as the
sole owner of the limited partnership interests of ValueAct Management L.P.
and the membership interests of ValueAct Management LLC and as the majority
owner of the membership interests of VA Partners I and (iv) ValueAct Holdings
GP, as General Partner of ValueAct Holdings, may all be deemed to have
beneficial ownership. Unless otherwise indicated below, by reason of such
relationships Volpe Velox, L.P. is reported as having shared power to vote or
to direct the vote, and shared power to dispose or direct the disposition of,
the shares of Class B Stock with Volpe Velox, LLC (only with respect to Volpe
Velox, L.P.) and Jeffrey W. Ubben. To the extent that ValueAct Master Fund
reports beneficial ownership of Class B Stock of the Issuer, ValueAct Master
Fund has shared power to vote or to direct the vote, and shared power to
dispose or direct the disposition of, the shares of Class B Stock with VA
Partners I, ValueAct Management L.P., ValueAct Management LLC, ValueAct
Holdings and ValueAct Holdings GP (only with respect to ValueAct Master
Fund).
As of the date hereof, Volpe Velox, L.P. is the beneficial owner
of 47,326,334 shares of Class B Stock, representing approximately 5.9% of the
Issuer's outstanding Class B Stock (which shares may also be deemed to be
beneficially owned by Volpe Velox, LLC and Jeffrey W. Ubben).
ValueAct Master Fund, VA Partners I, ValueAct Management L.P.,
ValueAct Management LLC, ValueAct Holdings and ValueAct Holdings GP may each
be deemed the beneficial owner of an aggregate of 0 shares of Class B Stock,
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CUSIP NO. 90130A200 Page 15 of 19
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representing approximately 0% of the Issuer's outstanding Class B Stock.
All percentages set forth in this Schedule 13D are based upon the
Issuer's reported 798,520,953 outstanding shares of Class B Stock as
reported on the Issuer's Current Report on Form 10-K for the financial period
ended June 30, 2015.
(c) The Reporting Persons have not made any transactions in the
Issuer's Class B Stock since the date of the previous filing.
(d) and (e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
The information set forth in Item?4 above is hereby incorporated by
reference into this Item?6. The information in this Item?6 is qualified in
its entirety by reference to the Agreement, which is attached as Exhibit?99.1
to the Issuer's Current Report on Form 8-K dated September 29, 2015, and is
incorporated by reference herein.
Other than as described elsewhere in this Report and as previously
reported, the Reporting Persons have no understandings, arrangements,
relationships or contracts relating to the Issuer's Class B Stock which are
required to be described hereunder.
Item 7. Material to Be Filed as Exhibits
(1) Joint Filing Agreement.
(2) Nomination Agreement filed as Exhibit 99.1 to the Issuer's Current
Report on Form 8-K dated September 29, 2015 and incorporated herein by
reference.
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CUSIP NO. 90130A200 Page 16 of 19
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SIGNATURE
After reasonable inquiry and to the best of his knowledge and
belief, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears
below on this Schedule 13D hereby constitutes and appoints Jeffrey W. Ubben,
Bradley E. Singer, G. Mason Morfit and Allison Bennington, and each of
them, with full power to act without the other, his or its true and lawful
attorney-in-fact and agent, with full power of substitution and
resubstitution, for him or it and in his or its name, place and stead, in any
and all capacities (until revoked in writing) to sign any and all amendments
to this Schedule 13D, and to file the same, with all exhibits thereto and
other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of
them, full power and authority to do and perform each and every act and thing
requisite and necessary fully to all intents and purposes as he or it might
or could do in person, thereby ratifying and confirming all that said
attorneys-in-fact and agents or any of them, or their or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
Volpe Velox, L.P., by
Volpe Velox, LLC, its General Partner
By: /s/ Jeffrey W. Ubben
--------------------------------------
Dated: September 29, 2015 Jeffrey W. Ubben, Managing Member
Volpe Velox, LLC
By: /s/ Jeffrey W. Ubben
--------------------------------------
Dated: September 29, 2015 Jeffrey W. Ubben, Managing Member
By: /s/ Jeffrey W. Ubben
--------------------------------------
Dated: September 29, 2015 Jeffrey W. Ubben
ValueAct Capital Master Fund L.P., by
VA Partners I, LLC, its General Partner
By: /s/ Bradley E. Singer
--------------------------------------
Dated: September 29, 2015 Bradley E. Singer, Chief Operating Officer
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CUSIP NO. 90130A200 Page 17 of 19
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VA Partners I, LLC
By: /s/ Bradley E. Singer
--------------------------------------
Dated: September 29, 2015 Bradley E. Singer, Chief Operating Officer
ValueAct Capital Management, L.P., by
ValueAct Capital Management, LLC its
General Partner
By: /s/ Bradley E. Singer
--------------------------------------
Dated: September 29, 2015 Bradley E. Singer, Chief Operating Officer
ValueAct Capital Management, LLC
By: /s/ Bradley E. Singer
--------------------------------------
Dated: September 29, 2015 Bradley E. Singer, Chief Operating Officer
ValueAct Holdings, L.P., by
ValueAct Holdings GP, LLC, its
General Partner
By: /s/ Bradley E. Singer
--------------------------------------
Dated: September 29, 2015 Bradley E. Singer, Chief Operating Officer
ValueAct Holdings GP, LLC
By: /s/ Bradley E. Singer
--------------------------------------
Dated: September 29, 2015 Bradley E. Singer, Chief Operating Officer
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CUSIP NO. 90130A200 Page 18 of 19
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Exhibit 1
JOINT FILING UNDERTAKING
The undersigned parties hereby agree that the Schedule 13D filed herewith
(and any amendments thereto) relating to the Class B Stock of Twenty-First
Century Fox, Inc., is being filed jointly on behalf of each of them with the
Securities and Exchange Commission pursuant to Section 13(d) of the
Securities Exchange Act of 1934, as amended.
Volpe Velox, L.P., by
Volpe Velox, LLC, its General Partner
By: /s/ Jeffrey W. Ubben
--------------------------------------
Dated: September 29, 2015 Jeffrey W. Ubben, Managing Member
Volpe Velox, LLC
By: /s/ Jeffrey W. Ubben
--------------------------------------
Dated: September 29, 2015 Jeffrey W. Ubben, Managing Member
By: /s/ Jeffrey W. Ubben
--------------------------------------
Dated: September 29, 2015 Jeffrey W. Ubben
ValueAct Capital Master Fund L.P., by
VA Partners I, LLC, its General Partner
By: /s/ Bradley E. Singer
--------------------------------------
Dated: September 29, 2015 Bradley E. Singer, Chief Operating Officer
VA Partners I, LLC
By: /s/ Bradley E. Singer
--------------------------------------
Dated: September 29, 2015 Bradley E. Singer, Chief Operating Officer
ValueAct Capital Management, L.P., by
ValueAct Capital Management, LLC its
General Partner
By: /s/ Bradley E. Singer
--------------------------------------
Dated: September 29, 2015 Bradley E. Singer, Chief Operating Officer
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ValueAct Capital Management, LLC
By: /s/ Bradley E. Singer
--------------------------------------
Dated: September 29, 2015 Bradley E. Singer, Chief Operating Officer
ValueAct Holdings, L.P., by
ValueAct Holdings GP, LLC, its
General Partner
By: /s/ Bradley E. Singer
--------------------------------------
Dated: September 29, 2015 Bradley E. Singer, Chief Operating Officer
ValueAct Holdings GP, LLC
By: /s/ Bradley E. Singer
--------------------------------------
Dated: September 29, 2015 Bradley E. Singer, Chief Operating Officer