Murdoch tight-lipped on election
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Leaving it to the editors: Rupert Murdoch (File photo) (Reuters: Mike Segar )
News Corporation chairman Rupert Murdoch is refusing to be drawn on who he feels should win the federal election.
Speaking at his company's annual general meeting in New York, Mr Murdoch insisted he would be taking a back-row seat in this election.
Asked whether he would be comfortable with a Kevin Rudd-led Labor government, he replied: "I am not commenting on anything to do with Australian politics, I'm sorry."
"I always get into trouble when I do that," he said.
Asked whether he thinks Prime Minister John Howard deserves to be re-elected, Mr Murdoch refused to comment.
"Read our editorials in the papers ... it'll be the journalists who'll decide that, the editors," he said.
Two years ago, the ABC asked Mr Murdoch whether he thought Mr Howard should stay on as prime minister.
In a reply that sparked a media firestorm, Mr Murdoch said he felt Mr Howard should get out while he was on top.
The NewsCorp chairman had his own election to deal with today. For the first time in years he was forced to stand for re-election to the NewsCorp board.
Not surprisingly, given that he controls the company, he was returned with a sweeping 99 per cent majority.
Structure 'undemocratic'
Mr Murdoch's grip on the media empire he founded 55 years ago was the subject of much debate at the Manhattan AGM.
Australian shareholder activist Stephen Mayne put up a resolution that sought to abolish the two-tiered share structure at News Corp.
"It's just undemocratic. Rupert's got 15 per cent of the shares and 40 per cent of the votes," he said.
Mr Mayne argued that holders of the company's A-class non-voting shares were denied a say in NewsCorp's future direction.
He also believes there would be a considerable financial dividend if the system was scrapped.
"No-one's going to sack Rupert. All that would happen from getting rid of the non-voting shares is that Rupert would be a billion dollars richer, and all shareholders would be better off."
Mr Murdoch was having none of it. He told shareholders his iron-clad grip on the company had been a key reason behind its success.
"I think this led to long-term stability of management, which has enabled us to take bigger risks perhaps than other people felt able to do, and it's benefited the shareholders," he said.
"It's certainly enabled the board to take a long-term view in its decision-making and its planning."
On that front, the 76-year-old was keen to talk up his recent purchase of the prestigious Wall Street Journal and of the enormous opportunities he said it presented.
But investors hoping for more big-ticket acquisitions will have to cool their heels.
Mr Murdoch says he has only one priority for the time being.
"I think to absorb and develop everything we have. We don't have any major things in our sights at the moment," he said.
This could, of course, change very quickly if opportunity knocks.
