News Corp renews ‘poison pill’ defence

NEWS CORP RENEWS 'POISON PILL' DEFENCE
[SOURCE: Financial Times, AUTHOR: Joshua Chaffin]
News Corp shareholders on Friday agreed to extend a special “poison pill” provision that was designed to protect the media group from a hostile takeover by rival Liberty Media. At a New Corp annual meeting that often veered into questions about the personal politics of the company’s chief executive, Rupert Murdoch, the proposal to extend the measure for an additional year won 57 per cent of the votes cast. At the same time, Mr Murdoch said he believed that he was nearing a deal with John Malone, the Liberty Media chief executive, who began to build up a 19 per cent stake in News Corp two years ago. That move took the Murdochs by surprise, and raised speculation that Mr Malone might be moving to take control of a global media giant that Mr Murdoch built from a family-owned chain of newspapers in Australia.
http://www.ft.com/cms/s/f2835478-606b-11db-a716-0000779e2340.html
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