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.

AW+

WORK SMARTER - LEARN, GROW AND BE INSPIRED.

Spring Special

Save 30% Off an ADWEEK Subscription Today!

View Your Options

Already a member? Sign in