• Home
  • News
  • Fortune 500
  • Tech
  • Finance
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
FinanceMedia

An activist investor is trying to end the Murdoch family’s control of News Corp.

By
Crystal Tse
Crystal Tse
and
Bloomberg
Bloomberg
By
Crystal Tse
Crystal Tse
and
Bloomberg
Bloomberg
September 9, 2024 at 7:03 PM UTC
Lachlan Murdoch and Rupert Murdoch clap
Lachlan Murdoch and Rupert Murdoch at the U.S. Open in New York in 2018.Jean Catuffe—GC Images/Getty Images

Starboard Value LP is pushing News Corp. to eliminate its dual-class share structure and is prepared to take further action against the media company if it refuses to engage. 

Recommended Video

In a letter to its fellow investors on Monday, Starboard co-founder Jeffrey Smith wrote that the activist has submitted a non-binding proposal to collapse the dual-share structure, through which the Murdoch family controls of about 41% of the vote at News Corp.

Smith said that Starboard believes it already has support for its proposal, to be voted on at News Corp.’s upcoming 2024 annual general meeting. “If the board refuses to listen, we can then take further action,” Smith wrote.

News Corp. is in a transitional phase following founder Rupert Murdoch’s move last year to step down as chairman of the company and Fox Corp. and leave his son, Lachlan Murdoch, in charge. 

“This transition of power from Rupert Murdoch to his children has allowed for complicated family dynamics to potentially impact the stability and strategic direction of News Corp.,” Smith wrote in his letter.

Starboard holds about 3.7% of News Corp.’s Class A stock and 4.6% of its Class B voting stock, according to a statement. News Corp. has risen more than 25% in New York trading over the last 12 months, giving the company a market value of roughly $15.4 billion.

Fortune Global Forum returns Oct. 26–27, 2025 in Riyadh. CEOs and global leaders will gather for a dynamic, invitation-only event shaping the future of business. Apply for an invitation.
About the Authors
By Crystal Tse
See full bioRight Arrow Button Icon
By Bloomberg
See full bioRight Arrow Button Icon
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Leadership
  • Success
  • Tech
  • Asia
  • Europe
  • Environment
  • Fortune Crypto
  • Health
  • Retail
  • Lifestyle
  • Politics
  • Newsletters
  • Magazine
  • Features
  • Commentary
  • Mpw
  • Ceo Initiative
  • Conferences
  • Personal Finance
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map

© 2025 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.