Share “Summary Box: News Corp suspends some...”

Summary Box: News Corp suspends some voting rights

Associated Press Published: April 18, 2012
Advertisement

NO VOTE: News Corp. has suspended half the voting rights of non-U.S. owners of Class B shares, the type with voting rights.

WHAT HAPPENED: U.S. law restricts foreign ownership of broadcast licenses. As News Corp was preparing to renew licenses, it discovered that 36 percent of its Class B shares were held by foreigners, beyond the permitted 25 percent.

BALANCING THE POWER: Normally, such a move would increase the voting power of CEO Rupert Murdoch and his family's trust. But News Corp. said they agreed to refrain from voting shares they hold in a way that would increase their influence.