Market Commentary and Intraday News
News Summary: News Corp shareholder protests fail
216 days ago
By The Associated Press
SHAREHOLDER SHUTDOWN: Three shareholder proposals aimed at diluting the control of News Corp. by the family of Rupert Murdoch were defeated Tuesday, but a couple proposals had significant support from independent shareholders.
TWO CLASSES: Murdoch's family controls nearly 40 percent of voting shares, even though their stake amounts to about 13 percent of all shares outstanding. Shareholder groups say that having two classes of shares means too much power is concentrated in a group that isn't accountable to other shareholders.
THERE'S THE DOOR: Murdoch, the company founder and CEO, dismissed such complaints, telling the meeting, "If you don't like it, don't buy the stock."
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