Interviews with several shareholders said Mr Murdoch didn't come across well. "It was painful to watch. He seemed like an old man," said one big shareholder. "He did seem a little out of touch with operating details," said another.

The big shareholder said it would be a "very shrewd move" for News Corp to elevate chief operating officer Chase Carey to the CEO role. While it wouldn't change the control of the company -- which rests with the Murdoch family's roughly 40 per cent voting stake -- "it would give investors some comfort".

An independent member of News Corp's board said the board still supported Mr Murdoch. Thomas Perkins, a well known venture capitalist, said "the board honestly thinks Rupert is a genius and we need him and the company needs him. Our worry is the shareholders at this point," he said.