Murdochs Extend ‘Poison Pill’ Defense at News Corp

Financial Times: News Corp. has approved the extension of a shareholder “poison pill” that maintains the Murdoch family’s effective control of the company, which also announced it would pay its first dividend since its separation from 21st Century Fox. The owner newspapers ranging from the U.K. Sun to the Wall Street Journal has a dual-class shareholder structure, with 39 percent of the voting shares controlled by Rupert Murdoch and his family. Under the rights plan approved by the company, investors will be able to buy shares at a discount if 15 percent of the voting shares are acquired. The move in effect prevents any potential buyer from mounting a takeover without first approaching the board.