News Corp. board to hold annual elections

April 15, 2008 News Corp. chairman Rupert Murdoch and other board members of the media giant will in the future have to stand for re-election every year rather than every few years. The company said late Tuesday that its board has voted in favor of the proposed change and also has eliminated an anti-takeover provision, or "poison pill," that it had put in place in late 2004 when Liberty Media acquired a sizable voting stake in the entertainment conglomerate. Investors have long been looking for the scrapping of the provision, which has been expected ever since Liberty and News Corp. completed a stock-for-assets and cash swap in late February.

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