The upstart Fox Business Network and upcoming closing of the acquisition of Dow Jones & Co. (DJ) will take some time and patience to bring about the desired results, said News Corp. (NWS-A) chairman and CEO Rupert Murdoch at the annual shareholder meeting.
As far as investment in Fox Business Network, Murdoch looks at spending about $70 million this years and another $150-$200 million over the next two to three years.
Murdoch was also up for re-election for his board seat, which he won with 99.95 percent support to serve another three years. Also re-elected was News Corp. CFO David Devoe, who also received solid backing.
Some activists investors attempted to do away with the dual class shares which provide Murdoch with a strong position on voting, which was not supported by shareholders, and was kept within the company. Activists also wanted annual elections of board members, which was also voted down.
Murdoch also reminded shareholders of News Corp.'s fourth straight year of record results, as presented in the report on the fiscal year recently.
He also told shareholders of the average 14 percent growth of operating income during the last four years, and also the strong performance of the stock in contrast to its media peers over the last five years.
He concluded with how the company is strongly positioned in the two major trends of digital growth and globalization.
You can see an in-depth look at their digital performance here.
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