rounding out the top three, 21st century fox, robert murdoch. he earned $26 million. proving even when you're on top, your pay at least can climb some more. for "nightly business report," i'm mary thompson. >>> still ahead, details on the multibillion dollar deal that's lifting retirement giant piaa into the top ranks of the u.s. mutual fund business. that story next. >>> a marriage of two money managers today. piaa craft is buying nuvene investment. the merger is partly the result of the changing way people are saving for retirement and increasing competition to manage your nest egg. bertha koombs has more. >> reporter: they are already the leader for retirement funds and nonprofit institution with 5 million customers. adding nuvene investments could help it expand. >> as the retirement industry moves away from pensions and into the defined contribution or 401(k) plans having a big presence there can be really important to tiaa craft. >> reporter: nuvene is the largest manager of closed end funds. analysts say the acquisition valued at nearly $6.3 billion will provid

and the murdoch verses roberts and example, i think, vividly shows how everybody is trying to collect their guy frequently to the detriment of our country and the conservative movement. i don't know how we do it. i worry about it. again, the left is far better organized. what i'd like to think about this something that reagan is credited with. he talked about, the person who agrees with you 80 percent of the time is a friend and ally. he is not a 20% trader. we have to keep reminding people about that. i think that is so important. in the book dead niece talks abt that at great length. i think there is lot there to be said. i don't know how we keep reminding people. maybe we tattooed on every single member of congress's and every state legislators and a something. i just don't know how we do it. >> as i understand it you are teaching. >> yes. i will be teaching at cambridge next year as well. >> okay. my question relates to -- >> introduction. >> relates to your observation about young people over the years. have you seen changes and their behaviors and attitudes that either encourage

they ran how many media companies where the sun -- the son and daughter, the son of murdoch, the son of ralph roberts you know. >> there is something about. i talked to david carr about that piece. there is something about media companies where it can be quite personal. and i can understand how the family would want to continue in that company. i get that. >> the grahams as well. brian roberts started laying cable line. his father, don graham started with the same thing. it's an interesting thing. i remember my father was a merchant. he would like nothing better than if i had said, i am coming back and work in the company business. there was no way for me because i was in love with media. >> i have a ball working with benjamin and izzie. >> and to have both of them there. fun. >> heaven. >> so tell me how you guys see the future? here we are with so much going on. we know, and i just talked with larry page at ted conference, and just to talk to him you get excited about what is happening in in terms of where all of the things that google is doing. same thing if you talk to facebook. same thing if you

well, i say that if, in fact, they have -- if rupert murdoch or sumner redstone or brian roberts hasholders have a long-term vision, and i don't believe there should be different classes of stock. having said that i have had the privilege of working for a number of controlling shareholders over the years -- >> yes. >> -- and i found them to be hard working, honest. you know, i just believe db someone who owns 10% of a company shouldn't have 80% or 70% of the votes. >> bob, do you agree. >> this is a call-in show, isn't it? it's john malone. this isn't the time, john, for that. we'll call back. >> so that's been your experience. that is a classic example, i think, of what we're discussing on this front. so do you feel strongly one way or another though? does it make it such that you wish there was a more democratic say as to how some of the media companies run? >> well, i agree with mel to a point. i think smaller companies, that's not inappropriate. somebody that really has a real ambition and wants to do things but when a company gets huge, it seems to me it's out of kilter. >> one

if you go to media whether it's rupert murdoch or sumner redstone or the roberts family, there is controlugh the votes. even if it's not necessarily with the economic ownership. >> how about this? let's put it right in your face. those are some of the best performing stocks we've ever seen, so maybe what we need is more family control of companies. how about that? is that a wrong thing to say? >> as carr pointed out in his column able to think ahead without these sort of shareholders looking over your shoulders saying, hey, what about the quarter? >> high frequency trading mosquitos, bring the off on. >> you have to have faith in the dynastic abilities of some of these families. >> dynastic abilities? rough the sun king? >> that's what you'll be living with, but that being said mark zuckerberg is doing things if you were not in full control you might have to think about. >> rupert murdoch is the heir to the fortune. his dad got it rolling. >> it's not a lucky gene thing entirely. edsel ford here in terms of the next generation taking it to the next level? >> it's going to be a question ma