Media tycoon Rupert Murdoch says he will not step down from the board of News Corporation, despite investors' concerns about his leadership and the independence of its directors.
Newscorp's share price has tumbled by over 20% as an illegal phone hacking scandal has engulfed one of its newspapers, the News of the World, the BBC reports.
That title has since been closed and 12 of its former employees arrested.
But 80-year-old Mr Murdoch says he is proud of News Corp's management and that he is committed to preventing any crisis like this happening again.
The scandal resulted in the departure of senior News Corp executive Les Hinton, who was chief executive of Wall Street Journal publisher Dow Jones, and News International chief executive Rebekah Brooks.
In July, Mr Murdoch and his son James, News International chairman and News Corporation deputy chief operating officer, were forced to appear before MPs in London to answer questions about the scandal.