Fri Sep 06 19:16:57 UTC 2024: – Hedge fund Starboard Value files a shareholder resolution to remove dual-class shares allowing Rupert Murdoch to control News Corp
– Murdoch in legal dispute with children over who will control News Corp and Fox Corp after his death
– Starboard Value previously called for spin-off of digital-real estate unit from News Corp
– Starboard Value now calls for abolition of News Corp’s dual-class stock structure
– Murdoch has tight grip on company’s governance since founding News Corp in 1980
– Companies not obliged to heed shareholder resolutions, but failure to do so can result in reputational damage
– News Corp has resisted calls for spin-offs, with recent strong performance in Dow Jones and real estate listing businesses
– Murdoch scrapped proposal to reunite News Corp with Fox Corp last year due to shareholder opposition.

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