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Tuesday, July 12, 2011

Corporate Culture Run Amok

The Telegraph reports that three investors in News Corp (Amalgamated Bank, the Central Laborers Pension Fund and the New Orleans Employees Retirement System) have filed a lawsuit against the company citing a corporate culture that "had run amok".

The possibility that News Corp paid money to the police in Britain could prompt an official investigation by US authorities into the company under anti–bribery rules. Needless to say there is now mounting pressure for News Corp to be run by people who are not part of the Murdoch family.

The lawsuit states:

"Throughout his tenure, Murdoch has treated News Corp like a family candy jar, which he raids whenever his appetite strikes."

News Corp now needs to ask itself, instead of ditching papers would it not be best to ditch the Murdochs?

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