NewsCorp cuts vote of non-US shareholders

News Corp. on Tuesday suspended half the voting rights of non-US shareholders to keep compliant with US media ownership rules. The huge media group of Rupert Murdoch, which controls the Fox Broadcasting company and 27 US television stations, said that non-US holders of its class B voting shares had gone well beyond the 25 percent limit for owners of US stations. Foreign ownership of B shares had hit 36 percent, the company said after a recent review. With about a 7.0 percent stake, billionaire Saudi Arabian Prince Alwaleed bin Talal, head of the Kingdom Holding investment group, is the largest shareholder in News Corp. after Murdoch and his family. "The suspension of voting rights will remain in place for as long as the company deems it necessary to maintain compliance with US law," the company said in a statement. It said the suspension would not affect their rights to receive dividends. The move came after the company reviewed its non-US ownership base ahead of renewing licenses for its US stations. The statement said Murdoch and the Murdoch Family Trust, holding about 40 percent of B shares, would give up their voting rights during the suspension, even though Murdoch and some members of his family hold US citizenship.