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Rupert Murdoch plans to 'poison' News Corp takeover bids Rupert Murdoch plans to 'poison' News Corp takeover bids
(4 months later)
Rupert Murdoch's News Corporation has established a so-called "poison pill" mechanism in an attempt to thwart a hostile takeover bid when it separates its entertainment and publishing businesses.Rupert Murdoch's News Corporation has established a so-called "poison pill" mechanism in an attempt to thwart a hostile takeover bid when it separates its entertainment and publishing businesses.
The plan, which will be in place for a year, will act as a powerful disincentive to anyone seeking to challenge Murdoch's control of the two companies, a move due to be finalised on 28 June.The plan, which will be in place for a year, will act as a powerful disincentive to anyone seeking to challenge Murdoch's control of the two companies, a move due to be finalised on 28 June.
The provisions will allow existing shareholders to buy stock at a 50% discount if any new investor should acquire 15% of the company.The provisions will allow existing shareholders to buy stock at a 50% discount if any new investor should acquire 15% of the company.
News Corp said in a statement: "The rights agreements are intended to protect the stockholders of the company and the new News Corporation from efforts to obtain control of such companies that their respective boards of directors determine are not in the best interests of the companies and their respective stockholders."News Corp said in a statement: "The rights agreements are intended to protect the stockholders of the company and the new News Corporation from efforts to obtain control of such companies that their respective boards of directors determine are not in the best interests of the companies and their respective stockholders."
News Corp will be split into two separate firms: a publishing firm, which will retain the News Corp brand, while the other entertainment business will be renamed 21st Century Fox. Both will be headed by Murdoch.News Corp will be split into two separate firms: a publishing firm, which will retain the News Corp brand, while the other entertainment business will be renamed 21st Century Fox. Both will be headed by Murdoch.
The company confirmed that Elisabeth Murdoch, the daughter of Rupert, who runs independent production firm Shine, will not sit on either board of the two companies. His sons, Lachlan and James, will be the only News Corp directors to retain seats on both boards. Murdoch will remain chairman and chief executive of 21st Century Fox, with Chase Carey as chief operating officer.The company confirmed that Elisabeth Murdoch, the daughter of Rupert, who runs independent production firm Shine, will not sit on either board of the two companies. His sons, Lachlan and James, will be the only News Corp directors to retain seats on both boards. Murdoch will remain chairman and chief executive of 21st Century Fox, with Chase Carey as chief operating officer.
The move to split the News Corp empire follows last year's promise to separate its entertainment and publishing businesses in the wake of the phone-hacking scandal and closure of the News of the World.The move to split the News Corp empire follows last year's promise to separate its entertainment and publishing businesses in the wake of the phone-hacking scandal and closure of the News of the World.
The publishing company will comprise the Times, Sunday Times and the Sun, the Wall Street Journal, the New York Post and the Australian plus daily titles in the cities of Sydney, Melbourne, Brisbane and Adelaide. The book publisher HarperCollins will also be included. The TV and film business will include the US news channel Fox News and the 20th Century Fox film studio.The publishing company will comprise the Times, Sunday Times and the Sun, the Wall Street Journal, the New York Post and the Australian plus daily titles in the cities of Sydney, Melbourne, Brisbane and Adelaide. The book publisher HarperCollins will also be included. The TV and film business will include the US news channel Fox News and the 20th Century Fox film studio.
The split means that loss-making newspapers will no longer be cushioned by the company's more profitable entertainment interests and could lead to more cuts in the publishing companies.The split means that loss-making newspapers will no longer be cushioned by the company's more profitable entertainment interests and could lead to more cuts in the publishing companies.
This month the editor of Murdoch's New York Post, Col Allan, issued a memo offering staff the chance to volunteer for pay-off packages in order to reduce the paper's headcount by 10%.This month the editor of Murdoch's New York Post, Col Allan, issued a memo offering staff the chance to volunteer for pay-off packages in order to reduce the paper's headcount by 10%.
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