- Air Force cadets ‘revolt’ after officials remove biblical verse from whiteboard
- Rep. Lee: Paul Ryan out of touch with urban Americans
- House votes down resolution to force Issa to apologize
- Kremlin blocks opposition websites; Kasparov fears Putin plans ‘something drastic’
- Saving trees? EPA wastes $1.5 million storing unneeded pamphlets in warehouse
- Scott Brown Senate bid in New Hampshire may launch soon
- Jeffrey Corzine, son of ex-N.J. governor, dead at 31
- Australian surfing magazine sorry for calling indigenous surfer ‘apeish’
- Records: Man in Fla. theater shooting also was texting
- The Putin problem: U.S. needs Russian rockets for spy satellites
Economy Briefs: News Corp. board backs CEO Murdoch’s ‘fitness’
NEW YORK — News Corp.’s board of directors on Wednesday announced its “full confidence in Rupert Murdoch’s fitness” and backed the CEO’s leadership amid a probe of phone hacking and bribery by the company’s U.K. newspapers.
The declaration - from a board that governance experts have said lacked independence - came a day after a British parliamentary committee said Mr. Murdoch was “not a fit person” to head a major international company.
The 81-year-old Murdoch built News Corp. from a single Australian newspaper and controls the media conglomerate through a family trust that owns nearly 40 percent of voting shares.
He has come under fire by British lawmakers after two appearances before them since the scandal broke last summer.
“The board based its vote of confidence on Rupert Murdoch’s vision and leadership in building News Corporation, his ongoing performance as chairman and CEO, and his demonstrated resolve to address the mistakes of the company identified in the select committee’s report,” the board said in a statement.
Yahoo girds for fight with activist investor
SAN FRANCISCO — Yahoo set the stage Wednesday for a battle with an activist investor intent on winning seats on the struggling Internet giant’s board of directors.
In a letter to shareholders, Yahoo said it had been unable to reach a compromise with Daniel Loeb, head of New York-based hedge fund Third Point, who wants a direct hand in running the California company.
“Regrettably, our efforts to avoid a proxy contest with Third Point were unsuccessful,” Yahoo said a letter to stockholders.
“The board continues to believe that Mr. Loeb himself does not bring the relevant skill set and experience to the board, particularly in comparison to the candidates selected by the board.”
Yahoo said that it offered Third Point two seats on the board but would not approve Mr. Loeb being one of them. Mr. Loeb insisted any compromise include him being appointed to the board, according to Yahoo.
Mr. Loeb owns nearly six percent of Yahoo stock. His “Shareholder Slate” of candidates includes himself, Harry Wilson, Michael Wolf and Jeff Zucker.
TWT Video Picks
By Bob Dole
The industrious island has proved itself worthy of U.S. inclusion
- F-35 secrets now showing up in Chinas stealth fighter
- FBI blocked in corruption probe involving Sens. Reid, Lee
- USS Kidd sent to Indian Ocean after 'indication' of Malaysian jet crash
- College group's diversity event canceled after excluding white people
- Justice Department refuses info on hundreds of prosecutor misconduct cases
- U.S. pilot scares off Iranians with 'Top Gun'-worthy stunt: 'You really ought to go home'
- MILLER: Law enforcement realizes good people with guns deter crime
- CURL: Calm down, conservatives: Obama's 'Two Ferns' bit was brilliant
- PRUDEN: Sink sank own campaign in Florida special election
- EDITORIAL: Lois Lerner's dilemma
Chaos as Manhattan building explodes
Pope Francis meets his 'mini-me'
Celebrity deaths in 2014
Winter storm hits states — again