Aly Semigran
November 22, 2011 AT 02:52 PM EST

Rupert Murdoch, who is currently immersed in the News of the World phone hacking scandal, has sold almost all of his non-voting shares in News Corporation. But according to the New York Times, because of dual-class voting shares, the 80-year-old still controls the company. The Times reports, “In a filing with the Securities and Exchange Commission, the company said that between Wednesday, Nov. 16, and Thursday, Nov. 17, Mr. Murdoch sold 3.63 million Class A nonvoting shares priced between $16.60 and $17.26, valued at roughly $62 million.” A person close to the company said Murdoch’s sell-off, which will not effect the family’s control of News Corporation, had to do with “estate planning.”

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