NEW YORK (TheStreet) -- Media mogul Rupert Murdoch remains at the helm of 21st Century Fox (FOXA) after a challenge to instate an independent chairman at an annual meeting Friday was unsuccessful. Murdoch and his family currently hold approximately 40% of voting rights in the entertainment empire, according to Bloomberg.
Shareholder groups, such as Christian Brothers Investment Services, which backed the petition on Friday, have challenged Murdoch's position for three years with no success.
The 82-year-old billionaire holds a significant share of media influence. He currently acts as chairman for both 21st Century Fox and News Corp (NWSA), formerly united under News Corporation which divided its publishing, film and broadcasting assets in mid-2013. In addition to his chairmanship, Murdoch holds the position of CEO at 21st Century Fox.
21st Century Fox also announced it will sell a 12.15% stake in Phoenix Satellite Television Holdings to investment firm TPG Capital.
Shares for the media conglomerate had gained 0.09% to $34.35 as of 3:10 p.m. EST.
TheStreet Ratings team rates 21st Century Fox Inc as a Buy with a ratings score of B. The team has this to say about their recommendation:
"We rate Twenty-First Century Fox Inc (FOXA) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company shows low profit margins."