Despite buckets of rumors, Elisabeth Murdoch is not swooping in to save her father Rupert's company. "News Corp. and Elisabeth Murdoch have shelved plans for her to join the board of the media company, according to people familiar with the matter, as the company attempts to defuse shareholder impatience with its corporate governance," reported The Wall Street Journal's Jessica Vascellaro and Dana Cimilluca on Friday. The news somewhat muddles the theories about News Corp.'s future. Last month, The Guardian's Lisa Carroll said, "Elisabeth Murdoch is emerging as the strongest family contender to take over at the helm of her father's empire after reports that she had pushed for Rebekah Brooks's resignation against the wishes of her brothers James and Lachlan last week."

When it was announced that News Corp. was acquiring Elisabeth's company in February, Rupert Murdoch said in a statement that he expected his daughter would join the board. According to a Bloomberg report, the board met in April after the acquisition was complete and "Elisabeth's appointment was expected to be discussed." This matched a Reuters report in February after the deal was announced that Rupert Murdoch "expected Liz Murdoch to join the board of News Corp on completion of the deal." Now that James Murdoch has won a fresh batch of confidence from the board of News Corp.'s satellite television branch BSkyB, one has to wonder if he's managed to pull other executives back over to his side for good. Regardless, shareholders remain skeptical about the Murdoch family's grip on the company.