Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

News Corp. Investors Call for Split of Chairman-CEO Roles

May 8 (Bloomberg) -- News Corp. investors Christian Bros. Investment Services and British Columbia Investment Management Corp. filed a joint shareholder proposal calling for an independent chairman at Rupert Murdoch’s News Corp.

The joint resolution is supported by the Local Authority Pension Fund Forum in the U.K., the investors said today in a statement. Christian Bros. and the British Columbia fund also said they support a proposal from the Nathan Cummings Foundation seeking to eliminate the dual-class share structure that gives Chairman and Chief Executive Officer Murdoch’s family control of the New York-based media company.

At last year’s shareholder meeting, a resolution to split the chairman and CEO roles at News Corp. was supported by two-thirds of independent shareholders and elimination of the dual-class stock garnered 62 percent of outsiders’ votes.

Since then, News Corp. has announced plans to split into two companies. The one focused on publishing will retain the News Corp. name and the other, to be called 21st Century Fox, will hold entertainment assets. Murdoch will be chairman of both companies and CEO of the entertainment business.

News Corp., which reports results today, fell 1 percent to $31.86 at the close in New York. The Class A shares have advanced 25 percent in 2013.

To contact the reporter on this story: Anthony Palazzo in Los Angeles at apalazzo@bloomberg.net

To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.