corporatism

Rupert Murdoch Knows Democracy Is Beautiful In Theory

Maggie · 10/19/07 04:20PM

Do you hear the people sing? Rupert Murdoch did today, when nearly a quarter of investors spoke up for greater democracy within the oligarchical nonsense that is NewsCorp. At the corporation's annual meeting in New York, 23% of shareholders voted to change the current dual class voting structure to a 'one share, one vote' model. The Murdoch clan's control of 30% of the voting shares makes it unlikely the rebelling shareholders will get their way. The Guardian notes that "Defending the status quo, Mr. Murdoch said protection from takeover bids was beneficial to shareholders because it allowed the management to take more risks." Okaaay.