Elisabeth Murdoch will not be joining her father Rupert and brothers James and Lachlan on the News Corp. board after all.
The media giant purchased her television production company Shine Group for $680 million in April, and she planned to join the trio but the News of the World phone-hacking scandal scuttled that move.
News Corp. is pointing to the decision to show “that News Corp aspires to the highest standards of corporate governance and will continue to act in the best interests of all stakeholders.”
Which, of course, is ridiculous. The choice is nothing more than a PR play. The Murdoch family has a 40% voting share and controls seven of the 16 board seats. Elisabeth scored a huge amount of cash when she sold Shine – the Telegraph story says that News Corp. shareholders sued because it was a “sweetheart deal” – and neither she, nor the family, need her on the board.
And then there’s the Rebekah Brooks issue.
According to the Telegraph, the former News International chief executive is still on the News Corp. payroll.
“My understanding is that Rupert has told her to travel the world on him for a year and then he will find a job for her when the scandal has died down,” a source tells reporter Tim Walker.
The more things change…
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