05:06 PM EDT, 09/20/2024 (MT Newswires) -- News Corp. ( NWSA ) shareholder Starboard Value and Opportunity Master Fund has proposed to do away with News Corp.'s ( NWSA ) dual-class capital structure, according to a regulatory filing on Friday.

The proposal will be presented to News Corp.'s ( NWSA ) shareholders at its upcoming annual meeting for approval, Starboard said.

Starboard said it is seeking shareholder support "to take the necessary steps to adopt a recapitalization plan that would eliminate News Corp.'s ( NWSA ) dual-class capital structure and provide that each outstanding share of common stock has one vote."

News Corp. ( NWSA ) did not immediately reply to MT Newswires' request for comment. However, the company said in a Sept. 9 statement that a stockholder submitted a proposal to eliminate its dual-class capital structure.

"The Board believes that the Company's dual-class capital structure promotes stability and has facilitated the successful implementation of News Corp's ( NWSA ) transformational strategy and long-term outperformance for all News Corp ( NWSA ) stockholders," the company said in the statement.

Reuter had reported earlier this month that Starboard made the shareholder proposal.