Activist Irenic Capital Management has announced its support for Starboard Value's initiative to eliminate News Corp's dual-class share structure, which grants the Murdoch family significant control. This move comes ahead of a key shareholder meeting, as both firms aim to unlock value and potentially split off the company's online real estate business. Proxy advisory firms ISS and Glass Lewis are also backing this effort, despite a previous failed attempt to dissolve the structure nearly a decade ago, which was favored by 90% of non-Murdoch shareholders.
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