Saturday, April 17, 2021

MURDOCH SURVIVES SHAREHOLDER REBELLION

October 17, 2012 by · Leave a Comment 

Dissident News Corp shareholders have failed again in their effort to force Rupert Murdoch to step down as chairman — and Murdoch himself suggested on Tuesday that they had no business even trying. In effect, Murdoch said that it was they and not him who should leave if they were dissatisfied with the way he is running the company. “There are plenty of media stocks,” Murdoch told one complaining shareholder. “So when you buy the stock, you know what the company is. And if you don’t like it, then you don’t buy the stock.” Analysts have indicated time and again that it is virtually impossible for shareholders to oppose Murdoch, because while he and his family own 15 percent of the company, they control 40 percent of the shareholders’ votes. When the same shareholder remarked that Murdoch appeared to put the interests of his family ahead of those of other shareholders, Murdoch — who has maneuvered his children into key positions within the company — retorted, “I can assure you that the interests of the Murdoch family are the exact same as all shareholders — and that is to build a great company.”