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Falcon-Guy
Despite being seen as vulnerable and a potential corporate liability, Rupert Murdoch has fended off attempts to remove him as Chairman and CEO of 21st Century Fox.
According to filings with the US Securities and Exchange Commission, at the new company’s first annual general meeting since the breakup of News Corp in the wake of the phone hacking scandal that threaten to engulf the entire media dynasty, Murdoch was overwhelmingly returned as chairman.
Thanking the new concern’s shareholders for their “confidence and commitment” and looking forward to “sharing the 21st century future”, Murdoch told shareholders “We consider our performance over the past 12 months as but a prologue to the new era our company is entering. At 21st Century Fox, the status quo will never suffice. We have reimagined our operations in light of our emergence as a separate company and at the same time recommitted ourselves to a familiar heritage – innovation and leadership. The history of our business units is marked everywhere with brash, confident forays against the status quo. In short, we’ve always shaken things up and reaped big benefits for doing so. Now that history and legacy will live on proudly in 21st Century Fox.”
And just as Murdoch was consolidating his position, 21st Century Fox-controlled Star Entertainment was selling its remaining 12.5% stake in Phoenix Satellite Television to US private equity firm TPG Capital in a deal said to be worth $213.73 million.
Under the terms of the deal, which represents a further decoupling by Murdoch from China that began with the sales of stakes in mainland TV channels in 2010, Star representatives will also step down from Phoenix's board.
Read more: Murdoch shrugs off leadership challenge as 21st Century Fox sells key asset to China.
According to filings with the US Securities and Exchange Commission, at the new company’s first annual general meeting since the breakup of News Corp in the wake of the phone hacking scandal that threaten to engulf the entire media dynasty, Murdoch was overwhelmingly returned as chairman.
Thanking the new concern’s shareholders for their “confidence and commitment” and looking forward to “sharing the 21st century future”, Murdoch told shareholders “We consider our performance over the past 12 months as but a prologue to the new era our company is entering. At 21st Century Fox, the status quo will never suffice. We have reimagined our operations in light of our emergence as a separate company and at the same time recommitted ourselves to a familiar heritage – innovation and leadership. The history of our business units is marked everywhere with brash, confident forays against the status quo. In short, we’ve always shaken things up and reaped big benefits for doing so. Now that history and legacy will live on proudly in 21st Century Fox.”
And just as Murdoch was consolidating his position, 21st Century Fox-controlled Star Entertainment was selling its remaining 12.5% stake in Phoenix Satellite Television to US private equity firm TPG Capital in a deal said to be worth $213.73 million.
Under the terms of the deal, which represents a further decoupling by Murdoch from China that began with the sales of stakes in mainland TV channels in 2010, Star representatives will also step down from Phoenix's board.
Read more: Murdoch shrugs off leadership challenge as 21st Century Fox sells key asset to China.