June 18 News Corp's board of directors
voted to extend a poison pill provision it put in place to
prevent hostile takeovers when the company controlled by Rupert
Murdoch and his family split from its cable and entertainment
properties last year.
News Corp said in a regulatory filing on Wednesday that the
provision, triggered if someone acquires 15 percent or more of
common voting stock, will last until June 18, 2015. It was
originally set to expire on June 28, 2014.
In the event an acquirer becomes the owner of more than 15
percent or more of common voting shares, shareholders will get
the right to purchase voting or non-voting shares at an exercise
News Corp is controlled by Murdoch and his family through a
trust that has a 38 percent ownership stake of Class B shares
with voting rights.
News Corp, which owns several newspapers, including The Wall
Street Journal; book publishing house HarperCollins and other
assets, including stakes in Australian pay-TV networks,
separated from what is now 21st Century Fox in June
The company has a history of potential takeovers: In 2004,
Liberty Media Corp's John Malone quietly snapped up a
20 percent voting stake in the company. The move prompted
Murdoch to swap his stake in DirecTV and other assets
for Malone's shares in News Corp.
(Reporting by Jennifer Saba in New York; Editing by Jonathan