Murdoch to Meet With Fuming Shareholders

Phone-hacking investigator to challenge News Corp boss
By Matt Cantor,  Newser User
Posted Oct 21, 2011 8:46 AM CDT
News Corp. CEO Rupert Murdoch.   (AP Photo/Noah Berger)

(Newser) – Rupert Murdoch is likely to get an earful today as News Corp. shareholders meet in Los Angeles. With shareholders furious over the recent phone-hacking scandal, the New York Times expects the meeting to be the company’s “most contentious in years.” Among those in attendance will be Tom Watson, the British Labour Party MP at the helm of the phone-hacking investigation; he says he plans to reveal new accusations of criminal surveillance. “A lot of institutional investors do not know the scope nor the implications of what’s happening in the UK,” Watson said.

"I want to leave investors in no doubt that News Corporation is not through the worst of this yet," he told the Guardian. The Times makes note of a tweak to this year's meeting: For the first time, investors must register and RSVP in advance. As in the past, some attendees will get 15 minutes to air their grievances, but they’ll have to be careful around Murdoch: "He’ll shut you down," says one longtime shareholder. But it's unlikely that Murdoch himself will be shut down: He controls nearly 40% of voting shares, and has the support of Saudi Arabia's Prince Walid bin Talal, who owns 7%.

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