Rupert Murdoch has been remembering the importance of family lately, what with the hiring of son James Murdoch as Deputy COO of News Corp., and now Guardian is reporting that News Corp. has purchased his second daughter Elisabeth Murdoch’s Shine television production company in a deal where Shine shareholders received £290m.
Elisabeth Murdoch owned 53% of Shine, so the math wizards at Guardian have worked out that she made £153m off of her dad. Um, jealous! The rest of Shine was owned by Sony and BSkyB (itself the subject of a proposed bid by News Corp.)
We’re going to refrain from saying that this had anything to do with Elisabeth Murdoch being Rupert Murdoch’s daughter.
But we are not above saying that other people are saying that! Last month a group of investors – Amalgamated Bank of New York and the Central Laborers Pension Fund– filed a lawsuit alleging that News Corp had not achieved a fair price for Shine because Rupert Murdoch treated the company like a “wholly owned family candy store”.