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.
Related posts:
Satellite study: Asian glaciers growing ice rather than shrinking
Asian Arms Race: South Korea and Japan to sign historic military agreement
Night work may boost women's breast cancer risk: study
Natural gas prices drop on rising supplies
The conspiracy behind Robert Green’s imprisonment reaches even further than before
Nato prepared to hunt Taliban fighters who executed woman for adultery