Well it’s all over. News Corp (Nasdaq:NWSA) had its annual meeting and nothing really changes. Rupert Murdoch insisted shareholders did not want to change executive pay scheme, dual share structure.
That’s because he voted his shares and held the day. Other shareholders voted against but could not overcome the natural advantages that Rupert Murdoch has built for himself.
So investors you have a few choices. Suck it up and hope Murdoch is smart and drives shareholder wealth. Just like investing in a fund of some sort.
You can become disgusted and sell out and just ignore the stock. Which might be the easiest option.
Or you can fight like hell. Spend huge legal bills without near term prospects of profits. This quite frankly is the best long-term gambit. Rupert Murdoch will not stay in the saddle for ever. The recent wire-tap scandals were major stress events. His sons are not considered media geniuses. They certainly do not have the Machiavellian flare that Murdoch is known for.
The battle will be joined when the funeral is announced.
George Gutowski writes from a caveat emptor perspective. Follow him on twitter@financialskepti
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