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News Corp. Defeats Shareholder Push To Ditch Super Voting Stock Amid Succession Jitters

News Corp. has defeated a shareholder proposal to adopt a recapitalization plan that would eliminate News Corp’s dual-class capital structure.

At issue is the fact that James, Elisabeth, Prudence and Lachlan Murdoch, who is the sole chair of News Corp. as well as CEO of Fox, would split control of the business equally under the terms of an irrevocable trust. In a statement this afternoon, News Corp said it “actively solicits feedback from its investors throughout the year, and values the ongoing dialogue generated by these extensive outreach efforts.” The Board and management are dedicated to driving sustained results, continuing the company’s ongoing transformation and actively shaping the future of news and information in the AI era,” it said.

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