RUPERT MURDOCH RESIGNS!!!

by Guest 21.07.12 22:12

21 July 2012 Last updated at 22:06

Murdoch resigns as News International director

[You must be registered and logged in to see this image.] Rupert Murdoch, 81, remains the chief executive and chairman of News Corporation
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Rupert Murdoch has resigned from a string of directorships controlling his News Corporation's UK newspapers.

Mr Murdoch, 81, quit directorships at NI Group Ltd, NewsCorp Investments and Times Newspaper Holdings on Friday.

News Corp plans to split into two firms, separating its newspaper and book publishing interests from its now dominant TV and film enterprises.

Mr Murdoch is expected to chair both businesses but to be chief executive only of the TV and film side.

News International has sought to play down the significance of the resignations.
'Corporate house-cleaning'
A spokesman said: "Last week, Mr Murdoch stepped down from a number of boards, many of them small subsidiary boards, both in the UK and US.

"This is nothing more than a corporate house-cleaning exercise prior to the company split."

Media commentator Steve Hewlett told the BBC it was "no surprise" News Corporation was moving away from its newspaper investments.

He added: "For Rupert Murdoch to make this move, however, away from these titles, which he has invested 40 years of his life in, is plainly significant."

When News Corp announced on 28 June that it would divide itself into two separate businesses, it said that Mr Murdoch would chair both of them - although he would continue as chief executive of only the TV, film and entertainment one.
'Remains committed'
BBC business editor Robert Peston says Mr Murdoch also resigned from a number of News Corporation boards, in the US, Australia and India. He has resigned from about a dozen News Corporation boards in total, our correspondent says.

He says that in terms of structure, Newscorp Investments sits just below News Corporation; NI Group Ltd sits below Newscorp Investments and owns the UK newspaper interests, and Times News Holdings.

NI boss Tom Mockridge has sent an email to staff which says that Mr Murdoch remains committed to chairing the newspaper interests when they are demerged from News Corporation

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