U.S. shareholders of News Corp are not happy at all over the Murdoch empires handling of the phone hacking scandal.
Shareholders called it "inconceivable" that directors were not aware sooner of the questionable news practices that led to the closure of the News of the World tabloid, given that news of the hackings first surfaced in 2005.
This, the shareholders said, reflects a board that "provides no effective review or oversight," in a corporate culture "run amuck," according to the amended complaint dated July 8 and filed in Delaware Chancery Court. Lawyers for the shareholders provided a copy of the complaint on Monday.
I believe this story is as much about politics as it is media. For years the left has accused Fox and their parent company, News Corp, of engaging in questionable practices, yet the Fox defenders on the right would instantly denounce those claims as some conspiracy theory. Now as Murdoch's British empire crumbles in a wrath of corruption and illegal activities, maybe we can start looking more closely at exactly what is happening here in the U.S.