News Corp Terminates "Poison Pill" Takeover Defense, Caps Murdoch Family's Voting Power - NewsBreak

Rupert Murdoch's News Corp said on Wednesday that its board of directors has authorized a $1 billion stock buyback program, terminated a shareholder rights plan, also known as a "poison pill," which is a defense against hostile takeovers, and struck a deal with the Murdoch family to cap any increase in its voting power. The poison pill had been in place since the company's inception in 2013 following the separation of 21st Century Fox. The media company's deal with the Murdoch Family Trust "limits the potential accretion of voting power by the Trust and Murdoch family members through market purchases or as...