NewsCorp shareholders revolt against Murdoch family

25 Oct

Following up on the contentious NewsCorp shareholder meeting where the independent shareholders were to express their displeasure with the crimes committed on the Murdoch family's watch: the majority of the independent shareholders voted against continuing James and Lachlan Murdoch (Rupert's sons) continuing employment as senior execs in the company. Due to NewsCorp's odd structure the Murdochs get to overrule their shareholders, but if the upcoming shareholder meeting for BSkyB goes the same way, it will see some serious Murdoch tail-kickage.

Michael Wolff, Murdoch biographer and author of The Man Who Owns the News, said it was now inevitable that James Murdoch would leave.

"James will probably go by himself, that's what everybody will be waiting for. I wonder too if Lachlan will step off the board. But could this drag on for another year? Yes."

Wolff said the size of the vote against Murdoch's son had created "a very difficult family moment..."

Tanner said the votes against the Murdoch sons and Bancroft showed shareholders were serious about wanting more independence at News Corp. "The overwhelming influence of the Murdoch family is not acceptable anymore," she said.

James Murdoch's future under threat []


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