News Corp shareholders renew call for Rupert Murdoch to step down

[Newsjock]

Source: The Guardian

Dissident shareholders are pressing once more for media mogul Rupert Murdoch to step down as chairman of News Corporation.

Shareholders from the US, UK and Canada filed a resolution on Tuesday calling for News Corp to appoint an independent chairman. A similar resolution attracted strong support at the media company's annual shareholder meeting last year.

The proposal was introduced by Christian Brothers Investment Services (CBIS), which manages $4.6bn for Catholic institutions worldwide. It is backed by the UK's Local Authority Pension Fund Forum, with assets of £115bn ($178.9bn), and British Columbia Investment Management Corporation, one of Canada's largest institutional investors.

Read more: http://www.guardian.co.uk/media/2013/may/08/news-corp-shareholders-rupert-murdoch

[babylonsister]

1. Rec'd! Sounds good to me. nt

[dipsydoodle]

2. I think we both know

this just general posturing. They have insufficient voting stock to achieve anything.

[DLnyc]

5. Institutional and Mutual Funds apparently own 93% of shares

http://finance.yahoo.com/q/mh?s=NWSA+Major+Holders

% of Shares Held by All Insider and 5% Owners: 0%
% of Shares Held by Institutional & Mutual Fund Owners: 93%
% of Float Held by Institutional & Mutual Fund Owners: 93%

So it seems to me that maybe if a good proportion of them vote to can him, he is canned.

[dipsydoodle]

7. From last October

Wednesday 3 October 2012 16.16 BST

A similar vote last year failed to pass. Murdoch and his family own about 12% of the media giant but control 40% of the vote because of News Corp's dual class share structure. Last year, the majority of independent voters voted against much of News Corp's board including Murdoch's sons Lachlan and James.

http://www.guardian.co.uk/media/2012/oct/03/rupert-murdoch-shareholder-news-corp

Last year in the above reference refers to 2011. Its an annual event which always fails.

I'm not aware of anything which forces some to buy non voting stock.

[DLnyc]

8. interesting, thanks

[mountain grammy]

3. He's sure changed America for the worst. Good riddance and take Ailes with you.

[TexasProgresive]

4. News Corpse

May Murdoch bury this stinking dead body before it contaminates the whole world and Limbaugh do the same for AM radio.

[kona808]

6. News Corp results beat estimates, spin-off on track

Good luck to the dissident shareholders.

(Reuters) - Rupert Murdoch's News Corp reported quarterly earnings that beat Wall Street expectations, aided by growth at its cable networks, and said it is on track to split off its slow-growing publishing business by the end of June.
Its revenue rose 14 percent from a year earlier to $9.5 billion in the quarter, ended March 31, News Corp said on Wednesday. The company posted adjusted earnings of 36 cents per share, just beating the 35 cents expected on average by analysts, according to Thomson Reuters I/B/E/S.
News Corp shares rose 3.6 percent to $33.00 in after-hours trading, after closing at $31.86 on the Nasdaq.
One-time items, including the purchase of a controlling stake in German pay TV operator Sky Deutschland and the sale of an ownership stake in New Zealand's Sky Network Television, helped lift net income to $2.85 billion, a jump from $937 million a year earlier.
The New York-based company said it is on track to separate its cable channels, movie studio and other fast growing entertainment assets from its newspapers, including The Wall Street Journal, near the end of its fiscal year in June.
Its entertainment assets helped boost revenue and earnings for the quarter, led by its cable networks business, which includes the Fox News Channel, FX and regional sports networks.

http://news.yahoo.com/news-corp-results-beat-estimates-spin-off-track-005932112.html