October 19, 2013 in Business

Murdoch keeps firm hold at Fox

Meg James Los Angeles Times
 

Rupert Murdoch easily swatted away another attempt to loosen his control over 21st Century Fox.

Fox shareholders on Friday overwhelmingly supported the 82-year-old mogul’s bid to retain his seat on the Fox board. Murdoch had the fifth-highest vote total in the company’s annual election, with 463 million votes supporting his return, while 46 million votes were cast against him.

Three newly elected members of Fox’s board captured higher vote totals than Murdoch, as did his chief lieutenant.

Chief Operating Officer Chase Carey collected 471 million votes in support of his return to the board, with 39 million votes against him.

Fox disclosed its election results in a filing late Friday with the Securities and Exchange Commission.

The closely watched referendum to install an independent chairman was defeated. Shareholder activists and proxy advisory firms had campaigned in support of the measure.

The independent chairman referendum generated nearly 147 million votes in support. But nearly 362 million votes were cast in opposition to the measure.

Murdoch and his family control 39 percent of Fox’s voting shares.

Fox’s stock jumped nearly 50 percent in the fiscal year that ended June 30. Murdoch noted that Fox’s shareholder returns outpaced stocks in the Dow Jones industrial average, as well as those of Fox’s media competitors.

“These numbers speak for themselves,” Murdoch said.


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