Exclusive-Starboard files proposal at News Corp, seeks to break Murdoch's grip [Yahoo! Finance Canada]
News Corporation - Class B (NWS)
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Source: Yahoo! Finance Canada
By Svea Herbst-Bayliss NEW YORK (Reuters) - Hedge fund Starboard Value has filed a shareholder resolution to do away with the dual-class shares that allow Rupert Murdoch to control News Corp, the publisher of the Wall Street Journal, according to people familiar with the matter. Starboard's move comes as the 93-year-old media tycoon is locked in a legal dispute with some of his children to try to ensure that his son Lachlan Murdoch will control News Corp and broadcasting giant Fox Corp after his death. Starboard's resolution would not be binding on News Corp, and the company could try to stop it from being voted on at its next annual meeting of shareholders. Still, the move represents a direct challenge to Murdoch's grip on the media conglomerate. While he has overcome such challenges in the past, it is the first he faces since he stepped away from an active role at the company by standing down as board chair last year. Starboard called in October for News Corp to spin off
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- The Murdoch family's legal battle over a media empire: What you need to know [Los Angeles Times (CA)]Los Angeles Times
- News Co. (NASDAQ: NWS) was upgraded by analysts at Loop Capital to a "strong-buy" rating.MarketBeat
- Murdoch succession battle to play out in Nevada courtroom [Yahoo! Finance Canada]Yahoo! Finance Canada
- Murdoch succession battle to play out in Nevada courtroom [Yahoo! Finance Canada]Yahoo! Finance Canada
- Murdoch succession battle to play out in Nevada courtroom [Yahoo! Finance]Yahoo! Finance