Murdoch Sued Over Deal to Buy Daughter's Company
News Corp. shareholders Amalgamated Bank and the Central Laborers Pension Fund filed suit against Rupert Murdoch and his company Wednesday, claiming that a deal to purchase Elisabeth Murdoch’s production company for $675 million is driven by nepotism and not the interests of investors.
“Although the transaction makes little or no business sense for News Corp. and is far above a price any independent, disinterested third party would pay for Shine, it is unsurprising that the transaction was approved by News Corp’s board,” the complaint says, according to Bloomberg.
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