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News Corp. ally comes to Murdoch's support

Sept. 6, 2005 at 4:29 PM   |   Comments

NEW YORK, Sept. 6 (UPI) -- A Saudi prince raised his voting stake Tuesday in News Corp., apparently to help chairman Rupert Murdoch resist a hostile takeover bid.

Prince Alwaleed bin Talal, one of the world's richest men, converted a 3 percent stake in News Corp.'s non-voting class A shares to 5.46 percent of the class B voting shares, TheStreet.com reported.

That raises the influence of the Murdoch ally as the News Corp. founder raises the ramparts against John Malone and his Liberty Media company.

A long-time News Corp. shareholder, Malone has boosted his hold on the company to 18 percent, in response to which News Corp. last month adopted a so-called poison pill provision to discourage hostile takeovers.

© 2005 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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