ANOTHER DISTRACTION FOR MURDOCH: AMOUNT HE PAID FOR DAUGHTER’S FIRM

Of the $675 million paid by News Corp to acquire Elisabeth Murdoch’s production company, Shine Group, Ms. Murdoch herself pocketed $214 million, the Los Angeles Times reported today (Wednesday), citing News Corp’s annual SEC filing. In addition, $60 million of the sale price was put in escrow to “satisfy any indemnification obligations” should they be required, “meaning,” said the Times, “she will likely receive more than the initial $214-million payment.” A shareholder lawsuit has challenged News Corp’s acquisition of Shine, maintaining that it represented another case of Murdoch rewarding his children and that Shine is worth far less than the amount Murdoch paid for it.