News Corp Shareholders Vote Down Starboard Bid to Eliminate Dual-Class Share Structure

Dow Jones

21 Nov 2024

By Ben Glickman

News Corp shareholders rejected a proposal by an activist investor to end the company's dual-class share structure, which was aimed at dampening the Murdoch family's influence over the company.

The proposal, submitted by activist investment firm Starboard Value in September, would have made each outstanding share of News Corp's common stock equal to one vote. Currently, Class B have greater voting power than Class A shares.

The family of Chairman Emeritus Rupert Murdoch owns about 40% of Class B shares.

News Corp said it was pleased its stockholders had convincingly supported the company and board on all matters. The company's full slate of directors was also elected at the annual meeting of shareholders on Wednesday.

News Corp is the parent company of Dow Jones & Co., publisher of The Wall Street Journal and Dow Jones Newswires.

Starboard argued in a letter to shareholders in September that the dual structure was not a best-in-class corporate-governance practice. The firm said the ongoing legal fight involving Rupert Murdoch and his children over control of the media conglomerate was one example of a risk to the organization.

News Corp responded at the time that the dual-class share structure promoted stability at the company.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

November 20, 2024 14:07 ET (19:07 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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