Murdoch to investors: Take it or leave

Media mogul Rupert Murdoch told shareholders in Los Angeles that News Corp. is his to run as he likes and those who disagree can take their money elsewhere. The Guardian reported Wednesday that Murdoch said he had blocked efforts by activist shareholders to appoint a new, independent chairman to run the company. He also stopped efforts to create a dual-class share structure, the newspaper reported. That meant Murdoch was still in charge, despite the hacking scandal that forced the closure of the tabloid News of the World. The scandal, which caused a shakeup at News Corp., involved reported tapping phones for information for stories. But Murdoch continues to own 40 percent of the company, which owns The Wall Street Journal, Times and Sunday Times, Twentieth Century Fox and Fox TV. In general, however, Murdoch spelled out his position with an online posting on Twitter last week. Murdoch's note said, "Busy preparing for next week's company AGM (annual general meeting). Signs pretty peaceful, but any shareholders with complaints should take profits and sell!" The company held its share holder meeting in Los Angeles.