OPINION: The mismanagement and neglect by board members overseeing Fox News, revealed in a flood of texts, emails and sworn depositions, is likely to lead to shareholder lawsuits that could topple some Fox News insiders from their lucrative perches.
Directors get about $275,000 in compensation, plus bonuses and stock options for their service, as outlined inThe $1.6 billion lawsuit brought by Dominion Voting Systems has opened the door to holding Fox News liable for defamation, as the company accused the network of wrongly implicating its machines as part of a massive conspiracy to switch votes from Joe Biden to Donald Trump in 2020.
What everybody keeps forgetting, Minow says, is that when Murdoch brought his NewsCorp company from Australia, he promised he would create “one share, one vote.” If you had 100 shares, you had 100 votes. There would be no dual class, where anyone has more votes than shares. The most likely way to achieve change is through shareholder lawsuits by large institutional shareholders, and to use their clout to seek governance changes. Minow suggests diluting Murdoch’s power by having his voting shares—and those of his family—taken over by an independent regent.People pass by a promo of Fox News host Tucker Carlson on the News Corporation building.“If Murdoch and his family didn’t have this complete control, we wouldn’t be in this mess,” she says.
Advising his son how to respond, Murdoch said, “Just let her know we’re talking internally and in depth.” He told Lachlan that Fox News “is pivoting as quickly as possible.” But it’s tricky, the old man conceded. “We have to lead our audience, which is not as easy as it sounds.”
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