Muckety

Murdoch gets taste of his own medicine

By Gary Jacobson

September 8, 2007 at 7:43am

CEO Rupert Murdoch earned a salary of $8.1 million in News Corp.’s most recent fiscal year and total compensation of about
$25 million, according to the company’s proxy statement issued Thursday. That total jumps to $32 million if you count the “theoretical” increase in the value of his pension.

Hint: Click in map to explore connectionsStory continues below interactive map 

Click to activate this MucketyMap
Click to activate interactive map
(requires Java)
MAP HINTS: Click expands a name. Control+Click centers map on a name. Solid lines are current relations. Dotted lines are former relations. For advanced tools choose Tools > Options from the menu at top. More help. Not seeing the maps? Please go here to check for the latest version of Java.

But perhaps the most interesting item in the document is shareholder proposal No. 4, expected to be introduced at News Corp.’s annual meeting next month.

Stephen Mayne of Templestowe, Austrailia, holder of 150 “B” shares, wants the company to create a single class of stock, possibly giving holders of “A” shares full voting rights. The move, the proposal estimates, would reduce the Murdoch family’s holdings from 39 percent of voting stock to less than 15 percent.

“As News Corporation discovered when it first approached Dow Jones & Company, a two tier voting system can appear highly undemocratic and discourage attractive takeover bids,” the proposal argues. “News Corp’s suite of strategic assets would be highly attractive to private equity bidders, yet the two-tier voting structure discourages their interest.”

The company recommends that shareholders vote against the proposal, saying Murdoch family stewardship is best. The proposal has virtually no chance of passing.

But circumstances can change. Last year at this time did anyone at Dow Jones think they would soon be taking orders from Rupert?

Click here to sign up for the Muckety Newsletter



 Read related stories: Business · Media · Newspapers  

0 Comments

  • There are no comments yet, be the first by filling in the form below.

Leave a Comment


Chicago Muckety
December 3, 2008
September 12, 2008
May 28, 2008
May 27, 2008
May 23, 2008
  • Search for stories
      
    Special Features
    Muckety Newsletter
    Keep up with all things Muckety!
    Subscribe to our Muckety email newsletter for a list of recent stories and a glance at what's new.
    Email:
    Categories
    Special Features

We make every effort at Muckety to ensure that our data is correct and timely. However, relationships are in constant flux and we cannot guarantee accuracy. If you come across incorrect or outdated information, please let us know.