News Corp Shareholders Reject Dual-Class Structure Proposal

At News Corp's recent annual meeting, shareholders voted against a proposal by activist investor Starboard Value to eliminate the company's dual-class share structure, which has been a point of contention due to control largely held by the Murdoch family. This non-binding proposal was rejected despite support from some powerful proxy advisory firms, with the Murdoch Family Trust controlling over 40% of voting shares. The outcome is seen as a victory for Rupert Murdoch's son, Lachlan Murdoch, amidst ongoing family disputes about the future leadership of the company. Starboard argued the current structure poses risks to shareholders, especially given the family’s internal disagreements on business direction. News Corp defended the dual-class system as a contributor to its stability and success. The company plans to continue its current governance structure and actively shape its future amidst evolving media landscapes.