Family Deadlock Looms for News Corp.

No tie-breaker deal for 4 Murdoch heirs with voting power: Wolff
By Caroline Miller,  Newser Staff
Posted Nov 28, 2008 12:10 PM CST
News Corp. Chairman and CEO Rupert Murdoch delivers the 2008 Boyer Lecture series "A Golden Age of Freedom" in Sydney, Australia, Sunday, Nov. 2, 2008.   (AP Photo/Rob Griffith)
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(Newser) – News Corp. could be headed for a deadlock when 77-year-old Rupert Murdoch's heirs take over, the Financial Times writes, based on a reading of Newser founder Michael Wolff's upcoming book, The Man Who Owns the News. An agreement giving equal shares in the Murdoch family’s stake to all 6 of his children, but voting control to the eldest 4, has no provision for breaking ties, Wolff reports. 

“This is not a family that believes it needs legal deadlock provisions," a family friend tells the FT. "They have always been very happy to rely on old-fashioned talking, arguing, shouting, threatening and ultimately compromise to reach consensus.”