Rupert Murdoch Steps Down from NI Boards


Rupert Murdoch has repeatedly insisted that he remains committed to his UK newspapers, vowing that he will remain a “very active chairman” of the publishing business. Photo: Getty Images

July 21, 2012 | Telegraph UK

Rupert Murdoch’s grip on UK newspapers is loosening “finger by finger”, as he resigns string of directorships.

Rupert Murdoch has resigned as a director of a string of companies behind The Sun, The Times and The Sunday Times, fuelling expectations that he is preparing to sell the newspaper group.

Companies House filings show that Mr Murdoch stepped down from the boards of the NI Group, Times Newspaper Holdings and News Corp Investments in the UK last week. He also quit a number of News Corp’s US boards, the details of which have yet to be disclosed by the US Securities and Exchange Commission.

News Corporation played down the significance of the resignations as “nothing more than a corporate housecleaning exercise prior to the company split”.

The media giant took a similar line when James Murdoch resigned a string of directorships at News International last November, pouring cold water on suggestions that he was walking away from the UK newspaper arm. He quit as chairman three months later.

News Corporation has already said it will split into two separately listed companies, distancing its embattled newspaper and book publishing interests from its rapidly growing film and television operations, which account for nearly 90pc of News Corp’s $4.2bn (£2.7bn) annual revenues.

Mr Murdoch has repeatedly insisted that he remains committed to the UK newspaper business. He vowed at the time of the announcement to remain a “very active chairman” of the publishing business. But his surprise resignation of directorships on both sides of the Atlantic has raised expectations that he is gearing up to sever all ties with the company.

Splitting News Corp would also put some much-needed distance between its film and television assets and the newspaper business, whose reputation is threatening the whole News Corp empire.

Claire Enders at Enders Analysis said Mr Murdoch’s resignations were part of the “slow fade of Rupert and James from the UK” that began last year and will be “complete and permanent”. “The grip of the Murdochs, finger by finger, has been loosened and it’s not in order to return triumphantly. It’s a permanent shift.

“James and Rupert have decided that they are not welcome in the UK, and they’re right. there is an enforced emotional withdrawal from these assets because they are no longer useful [in terms of influence],” she said.

Sources close to News Corp say that its executives have discussed the possibility that, after the split, the Murdochs could sell down their stake in the publishing division altogether and use the equity to help fund a leveraged buyout of the film and entertainment division.

It is unclear whether the business still plans to pursue this course of action, but doing so would allow Mr Murdoch to shake off shareholder pressures and revive a long-held plan eventually to appoint his son James Murdoch as his successor.

However, some analysts claim that News Corp investors want the Murdochs to buy the publishing assets outright.

This article was written by , Media, telecoms and technology editor.

Source:

http://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/media/9417815/Rupert-Murdoch-steps-down-from-NI-boards.html

Advertisements

About Pat Donworth

I express myself as teacher, writer, and consciousness explorer. These driving interests have manifested in my work/service as a university and hospital chaplain; a book and magazine writer/editor, and teacher and workshop leader. I designed this blog to be a portal that points to and assists awakening souls to implement, and make practical, the changes that will usher in a new world based on unity, compassion, and collaboration.
This entry was posted in Media News and tagged , . Bookmark the permalink.

One Response to Rupert Murdoch Steps Down from NI Boards

  1. pupma says:

    I read this, as good news, as a possible crack, in what the television media are currently allowed to report. Could this also be, a wonderful new beginning, hidden, taking place slowly so slowly to ease the shock of so many changes (arrests/containments), in the heirarchy of the world’s controlling elite families? My heart says this is good news indeed.
    Goodbye, rest in peace Murdocks.
    God bless.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s