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Tuesday, 19 July 2011

News Corp's share price on the slide, investor disgruntlement is growing.



Some members of his board of directors have begun asking awkward questions, while another recently-joined director has been asked by Mr Murdoch to head up a new crisis committee.

And now both Bloomberg and News Corp's own Wall Street Journal report that Rupert Murdoch may be planning to step down as News Corp chief executive in the coming months, in favour of someone from outside his family.

Class structure
The Murdoch clan own only 12% of the shares in News Corp, according to data compiled by news service Bloomberg.

Yet his control of the company had been absolute until recently.

"There is no scenario where [outside shareholders] have had a say in corporate governance at News Corp," says media analyst Claire Enders. "The Murdochs make all the decisions."

Largely this is because 70% of shares in the media group - the so-called "A shares" - have no voting rights.

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