The company's "bulging pile of cash." Since public criticism forced them to abandon the deal to takeover the satellite television business BSkyB, News Corp. is stuck with $12 billion that they're not sure how to spend. According to The Wall Street Journal, they're considering taking advantage of BSkyB's low stock price and buying back more shares than the $5 billion worth they've already committed to. They might also raise the company's dividend in an attempt to placate investors.
Joel Klein's role doing damage control. David Carr at The New York Times devotes his column to detailing former New York City schools chancellor and the current head of Joel Klein's relationship with Rupert Murdoch. The two men have been friends for nearly 15 years and their closeness has raised some concerns over whether Klein might be biased in his role as head of News Corp.'s internal investigation committee into phone hacking. Klein reports to board member Viet Dinh, another long-time Murdoch family friend, who will discuss the committee's progress at the meeting tomorrow.
A resolution to strip Murdoch of his chairmanship. Christian Brothers Investment Services, an institutional investor with over 30,000 Class B shares in News Corp., submitted a resolution in July "to strip Mr. Murdoch of his chairmanship and appoint an independent board chairman at the company's annual meeting in October." Shareholders who are members of the Interfaith Center on Corporate Responsibility and control over a million Class A shares have also voiced concerns over Murdoch's ability to remain chairman and CEO of the company. The board will undoubtedly discuss how to deal with the mutiny.
Elisabeth Murdoch's conspicuous absence. News emerged Friday that Rupert Murdoch's daughter Elisabeth would not attend Tuesday's meeting as had been previously planned. The Wall Street Journal says the decision was made because "the company aspires to the highest standards of corporate governance and will continue to act in the interests of all stakeholders." This, in other words, is an acknowlegdment by the board of criticism that the Murdoch family too fully dominates the media conglomerate (see: Adweek editor Michael Wolff's case for why the clique of insiders deserve the "mafia" label). Regardless of whether or not they decide to discuss that bombshell of a topic, they'll probably talk about filling that empty seat.
This article is from the archive of our partner The Wire.