Church of England Sells News Corp Stake

The church sold $3 million in shares of the media conglomerate, saying News Corp has failed to reform its corporate governance.

The Church of England said Tuesday it has sold its shares in Rupert Murdoch's News Corp., citing a lack of governance changes since the phone hacking scandal reignited last summer.

The total stake held by the church was sold for £1.9 million ($3 million), it said. "As a result, none of the three national investing bodies of the Church of England hold shares in the company," it emphasized in a statement.