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.

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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.