A second major shareholder in News Corp says it will cast its proxies supporting an end to the Murdoch family’s voting dominance by collapsing its dual share voting structure, arguing it is outmoded and destroys value.
Irenic Capital, a New York investment firm that holds 1.4 per cent of News Corp’s class B stock (its voting shares), wrote to the board of the company on Tuesday (Wednesday AEDT) demanding a substantial premium if the two classes were merged.
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Sam Buckingham-Jones is the media and marketing reporter at The Australian Financial Review. Connect with Sam on Twitter.
