Rupert Murdoch at his annual party at Spencer House, St James’ Place in London. Picture date: Thursday June 22, 2023.
Victoria Jones | Pa Images | Getty Images
Activist investor Starboard Value has moved to dissolve News Corp’s dual-class share structure, a challenge to the Murdoch family’s control over the Wall Street Journal-parent, according to people familiar with the matter.
The push was made via a non-binding shareholder resolution, said the people. News Corp’s structure as of September gave Rupert Murdoch control over around 40% of the company’s voting stock.
Starboard owns roughly 2% of the company’s Class A shares, according to FactSet data, and pushed last year for the company to spin off its real estate business from its core news businesses.
News Corp shares were down about 1% for the day, gaining slightly when Reuters first reported the news of Starboard’s push.
— CNBC’s Lillian Rizzo contributed to this report.
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