Murdoch biographers don’t ever get into this stuff, but the biggest threat to Rupert Murdoch’s control of News Corp was always his family. Sir Keith Murdoch left his son only 28 per cent of Cruden Investments, the holding company for the family’s holding in News Limited. Today the family holding is worth $US11.7 billion, but Rupert holds all of it. He’s done some peachy deals in his time, but none as good as the ones he did with his sisters. I wrote this 20 years ago, and it remains unexplored territory. (The super shares referred to here became News Corp’s limited-voting A stock.) Note the crazy suggestion in the intro that Murdoch at 62 was “in the last decade of his working life”. What was I thinking? It clearly speaks of inadequate levels of gin. Continue reading →