Little Green Footballs

Thursday, September 08, 2005

Rupert bin-Murdoch

Saved by the Saudis:

Rupert Murdoch's attempts to retain control of his News Corp media empire got a boost yesterday after his ally, the Saudi investor Prince Alwaleed bin Talal, took a 5.5 per cent stake in the company's voting stock.

Mr Murdoch was forced to put in place a "poison pill" defence at News Corp, in November to stop a hostile takeover bid after a rival media magnate, John Malone, took an 18 per cent share in the company's voting stock. News Corp has two classes of stock, with the Murdoch family owning 30 per cent of the key voting shares.

Prince Alwaleed reiterated his support for Mr Murdoch yesterday as his Kingdom investment company converted a 3 per cent stake he held in non-voting News Corp stock to 5.46 per cent of the voting shares.

So how long till the lizards start referring to Murdoch's crown jewel as "al-FoxNews"?

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