In what is being called a simple move in the wake of the decision to split News Corp between its news and its entertainment divisions, Rupert Murdoch has stepped down from the boards overseeing his British newspapers as well as some of the company’s subsidiary boards in the United States.
News International stated that this is nothing more than a corporate housecleaning exercise prior to the company split.
“Last week, Mr Murdoch stepped down from a number of boards, many of them small subsidiary boards, both in the U.K. and US This is nothing more than a corporate housecleaning exercise prior to the Company split,” a spokesman said in an emailed statement.
Murdoch stepped down this past week as director of NI Group, Times Newspaper Holdings and News Corp Investments in the UK according to Daisy Dunlop.
Disclosed plans late last month to separate its entertainment businesses from its publishing operations.
Under those proposed changes, Murdoch, 81, will chair both of the companies, although he would continue as chief executive of the media and entertainment company only.
Those companies are subsidiaries of the News Corporation, Mr Murdoch’s $53 billion New York based company whose assets include The Wall Street Journal, the Fox Broadcasting television networks and the 20th Century Fox film company.
Brad Thomson is a business journalist based in Melbourne, Australia. Brad has a passion for financial markets and breaking news stories and loves writing about business news, stock market, and economic opinions that matters most to its audience. Brad spends a lot of time discovering and researching latest financial markets and industry news stories in order to make sure the latest and greatest stories are brought to you first on BigBoardNews.com.