Tags: Murdoch | Sells | Non-Voting | Shares

Murdoch Sells All His Non-Voting Shares

Tuesday, 22 Nov 2011 08:15 AM

Media magnate Rupert Murdoch is selling all of his nonvoting shares in News Corp. for about $62 million, although he will keep the voting shares, the New York Times reports.

"That sell-off does not affect the Murdoch family’s control, however.
The family still has a 40 percent stake in the company’s Class B shares, which provide shareholders with voting rights," the newspaper reports.

Prince Walid bin Talal of Saudi Arabia, who has publicly backed the Murdochs amid a hacking scandal, controls about 7 percent of voting shares.

The Murdoch family has been rocked in the scandal involving hacking incidents involving reporters at its British newspaper News of the World.

rupertmurdoch200getty.jpg
Rupert Murdoch
(Getty Images photo)
A person close to the company told the Times that the sale had to do with the 80-year-old Murdoch’s estate planning.

A News Corp. spokeswoman declined to comment to the Times.

The scandal erupted when reporters hacked into the phone of a missing teen, checking her voicemail at times.

The teen was killed in 2002, although the move to check voicemails left the girl's mother, Sally Dowler, with hope to believe she was alive at the time when authorities thought she was missing.

"I heard her voice," Dowler told the inquiry, according to Bloomberg.
"I jumped. 'She’s picked up her voice mails Bob! She’s alive!' I told my friends, 'She's picked up her voice mail, she's picked up her voicemail.'"

The incident led to the closure of the News of the World, the firing of News Corp. executives Rebekah Brooks and Les Hinton, and to Prime Minister David Cameron launching an inquiry.

© 2017 Newsmax Finance. All rights reserved.

 
1Like our page
2Share
StreetTalk
Media magnate Rupert Murdoch is selling all of his nonvoting shares in News Corp. for about $62 million, although he will keep the voting shares, the New York Times reports. That sell-off does not affect the Murdoch family s control, however. The family still has a 40...
Murdoch,Sells,Non-Voting,Shares
266
2011-15-22
Tuesday, 22 Nov 2011 08:15 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved