Mr. Murdoch has demonstrated, yet again, that he tight control over his Board, shown in the extension of the poison pill put into place in November of 2004. Not really surprising. It would take a very strong Director to stand up against Rupert Murdoch when he really wants something.
In reality, it is the shareholders that have relinquished their interests (which is that of the majority) and placed them in the hands of the minority, Mr. Murdoch.
It continues to amaze me that a shareholder with a minority interest can not only exercise control but dictatorial control over a company, and no one seems to be saying anything.
I don't know whether John Malone is any better as a protector of shareholder rights. This is not about him. Tis is about shareholders facing up to their responsibilities, selecting a Board that is professional and represents ALL shareholders, appoint a Non-executive Chairman amongst the members of that Board and, if the founder is still around, ensure that Directors are able to stand up to that person when needed. Faint hope and little chance that we will see that in this case.
That leaves us then to speculate which of his children will take over.
OAM
See article:
Rupert Murdoch gave the cold shoulder to his largest shareholder, John C. Malone, yesterday by extending a poison pill that blocks Mr. Malone's Liberty Media Corporation from buying more shares of Mr. Murdoch's News Corporation.
But the consolation prize for Mr. Malone was that the News Corporation reported strong earnings exceeding analyst expectations, increased its dividend and projected solid growth in the year ahead. Mr. Murdoch also said the company may spend up to $2 billion building Internet assets and was in advanced talks to buy a controlling stake in an Internet search engine.
See full Article (free registration requred).
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