News Corporation (ASX:NWS) is being sued by shareholders for agreeing to buy Shine Group. The problem – the business is owned by Rupert Murdoch’s daughter and the reported price of $US675 million is felt to be unfair.
It is reported the News Corp board approved the deal without question. The lawsuit seeks damages and a declaration that the board breached their fiduciary duty to shareholders.
News Corp reported half year earnings of just under $1.5 billion to December 31, 2010.
