Media

Rupert Murdoch Faces Down Shareholders

Tells critics to take their money elsewhere

|

Rupert Murdoch told shareholders they could take their money elsewhere if they did not like the way he runs News Corp as he sailed through his second meeting with investors since the hacking scandal tore through his media empire.

At the company's annual meeting in Los Angeles the chairman and chief executive announced he had seen off moves by dissident shareholders calling for him to appoint an independent chairman. He also blocked a move to end a dual-class share structure that allows him to control the company by owning the largest chunk of voting shares.

The victories were no surprise given that the arrangement gives him control of 40% of the voting shares in the company. Newscorp is expected to release the details of how many independent shareholders voted for Murdoch to step down.