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Publishing

News shareholders complain over dual class shares

NEW YORK, Oct 19 (Reuters) - News Corp NWSa.NNWSa.N said on Friday 22.9 percent of shareholders voted in favor of eliminating its dual class share structure.

About 185 million shares voted in favor of the proposal to eliminate a structure which gives more control of the company to founder, Chief Executive and Chairman Rupert Murdoch.

Some 77 percent, or 621 million shares, were voted against the proposal.

“It’s basically saying you don’t trust your shareholders,” said Stephen Mayne, a stockholder who owned 150 shares of News Corp’s Class B shares and who submitted the proposal. (Reporting by Kenneth Li, editing by Gerald E. McCormick)

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