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News Corp Investors Reject Proposal to End Dual-Class Voting Structure
News Corp investors have rejected a proposal to end the dual-class voting structure, maintaining the Murdoch family's control over the company.
In a significant development for News Corp, investors have decisively rejected a proposal to dismantle the company's dual-class voting structure, a move that would have diluted the Murdoch family's control. The proposal, put forward by activist investor Starboard Value, was aimed at promoting better corporate governance by ensuring each share had an equal vote. However, the proposal failed to secure the necessary votes at News Corp's annual meeting, held on November 20, 2024.
The Murdoch Family Trust, which holds over 40% of the voting shares, played a pivotal role in the outcome. Despite backing from influential proxy advisory firms and several investors, the proposal was "convincingly" defeated, according to News Corp. The company expressed satisfaction with the results, emphasizing its commitment to driving sustained results and shaping the future of news and information in the AI era.
This decision comes amidst a backdrop of internal family dynamics, as Rupert Murdoch transitions power to his son, Lachlan Murdoch. The elder Murdoch, who recently stepped down as chairman, has left a complex legacy that includes a legal standoff among his children over control of the media empire. The rejection of the proposal underscores the Murdoch family's enduring influence over News Corp, which owns prominent media outlets like Dow Jones and the New York Post.
Starboard Value's push to end the dual-class structure was seen as a challenge to the Murdoch family's dominance, but without their support, the proposal had little chance of success. The final voting results will be detailed in an upcoming SEC 8-K filing, providing further insights into the shareholder dynamics at play.
Articles published about this story
- reuters.comreuters.com
- hollywoodreporter.comhollywoodreporter.com
- bloomberg.combloomberg.com
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