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MURDOCH POCKETS $10 MILLION SELLING NON-VOTING NEWS CORP SHARES

November 22, 2012 by · Leave a Comment 

Rupert Murdoch has sold all of his remaining Class A shares in News Corp for just over $10 million. The company’s stock has traditionally — and controversially — been divided into Class A non-voting shares and Class B voting shares. Murdoch sold most of his Class A stock last year, netting around $62 million at the time. Together the Murdoch family retains 40 percent of the voting stock, essentially giving it full control of the company. Although several large investors have sharply criticized Murdoch’s performance as chairman and CEO and have sought to oust him, they have been unable to round up a majority of board members to bring him down. The dissident shareholders have been particularly critical of his handling of the phone hacking and bribery scandals that have roiled News Corp’s British operations for more than two years.