Fox Tops Q1 Earnings Mark Despite Advertising Declines – Limits Murdoch Voting Power to 44%

Fox topped Wall Street’s earnings and revenue forecasts for the first quarter of fiscal 2020, and the evolving company is celebrating with a $2 billion stock repurchase program. That big buyback is not the only interesting news to emerge with Wednesday’s earnings for the media company pared down since Disney acquired the bulk of its film and TV operations. In addition to the share-repurchase plan, Fox’s board of directors has limited the Murdoch family and their trust to owning no more than 44% of Fox’s outstanding voting shares (Class B). Below is the language Fox sent to media about the Class B ownership limits now imposed on the Murdoch family. The stockholders agreement provides that the MFT (Murdoch Family Trust) and the company (Fox) will not take actions that would result in the MFT and Murdoch family members together owning more than 44% of the outstanding voting power of the Class B common stock, or would increase the MFT’s voting power by more than 1.75% in any rolling twelve-month period. The MFT would forfeit votes to the extent necessary to ensure that the MFT and the Murdoch family collectively do not exceed 44% of the outstanding voting power of the...

Read original story Fox Tops Q1 Earnings Mark Despite Advertising Declines – Limits Murdoch Voting Power to 44% At TheWrap