Rupert Murdoch has sold all his nonvoting shares in the company while retaining his 40% voting stake. The News Corp chairman and CEO sold 418,631 shares on November 20 for $23.87 to $24.01 each for a total of more than $10 million, according to filing to the Securities and Exchange Commission. Murdoch retains News Corp’s largest voting stake of Class B shares. Saudi Prince Alwaleed bin Talal, a friend of the Murdoch family, owns an additional 7% of voting shares. The sale was for estate-planning purposes, Bloomberg reported.
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