Will Rupert Murdoch’s daughter play a larger role at News Corp now that COO Peter Chernin is leaving?
News Corp chairman Rupert Murdoch wanted his daugher Elisabeth to join the company’s board. She said no.
“For Lachlan and I, we had to do our own things,” says the billionaire’s daughter.
Her reasons would probably bore Freud, though.
It’s all something to with conflict of interest, according to CNNMoney:
She has a conflict of interest with Shine, the big U.K. production company she has built up over nearly seven years. Under U.K. broadcast regulations, Liz Murdoch’s presence on the News Corp. board would have rendered Shine ineligible for the 25% of programming budgets that big British broadcasters like the BBC and Channel 4 are required to spend on independent production houses that have no links to broadcasters.
Being on the News Corp. board would be a conflict for Shine because News controls British Sky Broadcasting, the big U.K. satellite TV business, as well as numerous Sky and Fox TV channels that air there. Liz Murdoch owns 63% of Shine and another big backer is Sony Pictures Entertainment, which has 20%.
If she had wanted to rejoin the News board, Liz would have had to sever her ties with Shine, which presumably would have involved selling it, perhaps to News Corp. Liz had worked closely with her father for several years at News — in a senior role at BSkyB — but eventually quit in frustration in 2000, yearning to be entrepreneurial and independent.