Rupert Murdoch has presented eldest son Lachlan to News Corp shareholders as the man who will lead the media company to "a very prosperous and bright future".
However everything was not entirely rosy at the sparsely attended annual general meeting.
The 83-year-old billionaire was criticised by two shareholders for News Corp's dual class capital structure, which gives Murdoch 40 per cent of the voting power.
"This kind of governing structure may be exactly what we'd expect in Cuba or North Korea, but it is at odds with good governance practices here," Bill Dempsey, chief financial officer of the New York-based Nathan Cummings Foundation, told Murdoch.
Australian shareholder activist Stephen Mayne added: "You don't have to hide behind these North Korean structures".
A proposal put forward by the Nathan Cummings Foundation for the elimination of News Corp's dual class capital structure was defeated.
News Corp board member and former prime minister of Spain, Jose Maria Aznar, told the meeting the dual structure gave the company stability, continuity in leadership and management, and helped attract, retain and motivate highly qualified key employees.
"The board believes that retaining classes of common stock with different voting rights is in the best interests of the company as it is for the stockholders," Mr Aznar said.
The meeting was held on Murdoch's Fox Studios lot, with shareholders required to meet in a car park off site, undergo a security check, travel by bus to the lot and undergo a second security check, before entering the Zanuck Theatre.
Just six shareholders attended, although it was webcast, and they were restricted to two questions each.
Lachlan Murdoch, 43, News Corp's non-executive chairman, did not speak during the 40-minute meeting, and younger brother James was in New York for a charitable commitment.
Lachlan Murdoch retreated from his position within the family company in 2005, but his father has welcomed him back into the fold and elevated him to the non-executive co-chairman position.
"It is a very special thing to be fortunate enough to work side-by-side with Lachlan who has proven himself to be a talented and successful executive in his own right here and in Australia and will lead us to a very prosperous and bright future," Rupert Murdoch told the meeting.
"As you get to know him better you will share my and the board's belief you could not have found a more passionate, committed co-chairman."
Chief executive Robert Thomson offered upbeat assessments of the company.
"We still firmly believe in the power of print," he said.
Mr Murdoch, his two sons, Mr Thomson and other directors were all re-elected at the meeting.
