Rupert Murdoch suffers a blow from News Corp investors

A majority of News Corp's independent shareholders have voted in favour of appointing a new chairman from outside the Murdoch family and the firm.

by Michael Northcott
Last Updated: 09 Oct 2013

The Murdoch family has had an iron grip on News Corporation for decades, controlling around 40% of the voting rights in the company, and with their good friend Saudi prince Alwaleed Bin Talal, around 50%. 

But in a shareholder resolution tabled at the company’s annual meeting in LA, more than 30% of the votes cast were in favour of finding a new, non-Murdoch to chair the company. Whilst this is not the majority needed to actually make it happen, the 30% represents around two thirds of the ‘independent’ shareholders who are not Murdochs or Saudi princes.

If we’re honest, we all knew that Murdoch’s legitimacy was being eroded, right? At 81 years of age he can’t possibly be the sharp operator he once was, and after the phone-hacking scandal and the departure of his son as boss of News International, his position has come under question. 

With more than two thirds of his independent investors wanting him ousted, the man now has less legitimacy than ever. But with all that power, it will be interesting to see if he steps down…

Find this article useful?

Get more great articles like this in your inbox every lunchtime

Upcoming Events

Latest on MT

When will high street banks disappear?

When will high street banks disappear?

Branches are closing at an accelerating rate, but don't expect them to disappear entirely.

Burger chain Byron em-broiled in controversy after immigration raid

Burger chain Byron em-broiled in controversy after immigration raid

Reputational disasters can emerge out of thin air.

Apple still over-relies on the iPhone

Apple still over-relies on the iPhone

The tech giant's trying hard to diversify, but karaoke shows and Pokémon Go won't make up for dropping iPhone sales.

Will Mark Zuckerberg's mobile-first strategy make Facebook bigger than Google?

Will Mark Zuckerberg's mobile-first strategy make Facebook bigger than Google?

UPDATE: Facebook's mobile revenues increase 84% year on year. Does this give the social network the edge over Google?

5 things you didn't know about R&D tax credits

5 things you didn't know about R&D tax credits

Is your business innovating? You could claim back tax on fuel, staff and other costs.

Can you start your own business without quitting your day job?

Can you start your own business without quitting your day job?

Torn between the freedom of the start-up life and the security of the payroll? As a part-time entrepreneur you can have both.