Shareholder Slams Murdoch for GOP ‘Ideological Political Agenda’

October 13, 2010

(ChattahBox Political News)— It’s about time someone woke up to complain about Rupert Murdoch’s unprecedented and partisan use of News Corp. funds to support Republicans this election season. The Nathan Cummings Foundation, a progressive organization that owns stock in News Corp., the parent company of Fox News, sent a letter to the board of directors demanding full disclosure of the company’s political donations, by Friday. The foundation cited the “potential for abuse” and objected to shareholder’s assets being used “to further the political aspirations of his [Murdoch’s] personal friends and to support his own ideological political agenda.”

The shareholder’s demands for disclosure is in response to the recent news that Rupert Murdoch, using News Corp. assets, donated a whopping $1 million to the right-wing business advocacy group, the U.S. Chamber of Commerce that’s spending $75 million to defeat Democratic candidates with money from undisclosed sources. News Corp. also donated another $1 million to the Republican Governors Association.

And those are the only two partisan political donations we know about it.

Murdoch raised further eyebrows, when he told Politico he made the donation to the RGA because of his personal friendship with John Kasich, the Republican nominee for governor in Ohio. He made this bizarre admission to prove that his unusually large donation to one political party by a news organization had nothing to do with Fox News.

But that claim is laughable on its face. John Kasich was a longtime Fox News host before he left the network to run for governor.

Now, at least, one News Corp. shareholder is crying foul.

The New York Times writes:

“The letter reads, in part, “The apparent lack of a strategic rationale for News Corp. raises very serious concerns for shareholders as to whether Mr. Murdoch and the rest of the News Corp. Board of Directors are truly taking shareholder interests into account when they approve political payments made with shareholders’ assets.”’

The letter concludes that without full disclosure, “there are clear reputational risks involved in political expenditures – particularly for a news media company – and unnecessary potential for abuse of corporate treasury funds to further the personal political agendas of corporate management.”

You have to wonder how many more partisan political donations have been made by Murdoch’s News Corp. And what role former GOP political operative Roger Ailes, as the president of Fox News, has played in the donations to GOP causes.

The full letter can be found here.

Photo Source: Wikimedia Commons/worldeconomicforum-Flickr


Comments

2 Responses to “Shareholder Slams Murdoch for GOP ‘Ideological Political Agenda’”

  1. William Swailes on October 13th, 2010 4:27 pm

    This attempt at outrage would have some credibility if the “partisan use” of General Electric’s television empire (MSNBC, etc.) was even mentioned. As it stands, this is just “partisan use” of important shareholder protection laws, and thus diminishes the value of those laws.

  2. William Swailes on October 13th, 2010 4:29 pm

    This attempt at outrage would have some credibility if the “partisan use” of General Electric’s television empire (MSNBC, etc.) was even mentioned. As it stands, this is just “partisan use” of important shareholder protection laws, and thus diminishes the value of those laws.

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