The billionaire media magnate Rupert Murdoch has displayed an unexpected burst of paternal generosity by sharing a taste of his wealth with his six children through a family handout of $600mn of shares in his global News Corporation empire, according to a report on the Gulf Times website.
Documents lodged with American financial regulators have revealed that
Murdoch has given $100mn worth of shares to each of his offspring –
although he has made sure that none of them can meddle in the business
by distributing stock with no voting rights.
A News Corp spokesman in New York said the gifts, which changed hands
on Wednesday, amounted to “normal financial planning”. The spokesman
stressed that the children had been treated equally: “Each of the six
children got an identical number of shares in the disbursement.”
Click here to read the full report, posted on the Gulf Times website.