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Elisabeth Murdoch made $214M on sale to father’s company

By Laurie Bennett

August 17, 2011 at 7:24am

The timing might have been better.

The annual report filed Monday by News Corp. revealed that Elisabeth Murdoch, daughter of Rupert Murdoch, made $214 million on the sale of Shine Group, her TV production firm, to her father’s media company.

News Corp. paid $675 million in April, with about $480 million going to Elisabeth Murdoch’s equity partners, according to the report.

The sale sparked lawsuits by shareholders, who charged inside dealing.

Those complaints have escalated with the phone-hacking scandals at News of the World, a News Corp. property until it was shut down in July.

The company had announced at the time of the purchase that Elisabeth Murdoch would become a director, meaning that the board would have four members of the family, including her father and brothers Lachlan and James.

Her appointment has been postponed amidst building pressures for independent company oversight.

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