The Presidential Daily Brief


  1. Time Warner Changes Bylaws to Dodge Takeover

    Time Warner has altered its bylaws to defend against a potential hostile takeover by Rupert Murdoch. Less than a week after the company rejected an $80 billion offer from Murdoch, the board has voided shareholders’ ability to call special meetings, preventing them from combining their holdings to force a sale. Large institutional investors oppose the move as an infringement of shareholders’ rights, but independent media advocates will no doubt applaud Time Warner’s stand against the Murdoch Empire.

    WSJ (sub), Bloomberg, Reuters

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