Rupert Murdoch has summoned his most senior executives for the second summit in seven months on News Corporation's internet strategy. The broadcasting and publishing group?s executive committee will gather this weekend near Mr Murdoch?s ranch in California.

The summit comes as Mr Murdoch received an important show of support on Tuesday from Prince Alwaleed bin Talal?s Kingdom Holding Company. The Saudi prince, a long-time shareholder, converted his non-voting shares in News Corp to a 5.46 per cent stake of the voting shares and said he might buy more ?if the situation warrants?.