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to cut its dividend by three-quarters," a huge blow to the "Ochs-Sulzberger family members who own the supervoting shares that control the company." Their collective annual stipend was trimmed to less than $7 million from $28 million.
He and his family own most of the company's Class B supervoting shares, which elect 70 percent of Media General's board.
However, Black retains voting control over Hollinger International through a Canadian holding company called Hollinger Inc, which holds a 68 per cent voting interest in Hollinger International through a special class of supervoting shares.
However, Black retains voting control over Hollinger International through a Canadian holding company called Hollinger Inc, which holds a 68% voting interest in the group through a special class of supervoting shares.
To achieve this, the foreign parent creates a special class of voting shares (usually supervoting preferred shares), all of which are held by a trustee pursuant to a voting trust agreement.