News Corp on Monday said it recovered a $139 million in insurance proceeds in a settlement with shareholders over the board of directors' actions related to the company's phone hacking scandal and its acquisition of Shine studios. The company said the money would come from insurance policies held by members of the board who were the defendants in the suits.
News Corp also said it would adopt enhanced corporate governance procedures, which would stay in place after the company's pending split later this year. The agreement said the settlement is not an admission of wrong doing by News Corp. "We are pleased to have resolved this matter," News Corp said in a statement.
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