The deal keeps a family trust and Murdoch family members from together owning more than 44 percent of the outstanding voting power of the Class B common stock.
said on Wednesday that its board of directors has authorized a $1 billion stock buyback program, terminated a shareholder rights plan, also known as a “poison pill,” which is a defense against hostile takeovers, and struck a deal with the Murdoch family to cap any increase in its voting power.in 2013 following the separation of 21st Century Fox.
The media company’s deal with the Murdoch Family Trust “limits the potential accretion of voting power by the Trust and Murdoch family members through market purchases or as an indirect result of repurchases by the company of shares of Class B common stock,” News Corp said.
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