The defence was previously due to expire in November 2007, but has now been extended until October 2008.
With 57% of shareholders in favour, the narrowness of the vote on Friday reflects the unease the 'poison pill' has inspired in some shareholders, especially pension fund investors worried about corporate governance.
It is the first time shareholders have been allowed to vote on the measure, which was introduced by Murdoch in November 2004 after Malone increased his holding company Liberty Media's stake in News Corp to 19%.
The approval gives Murdoch breathing space in the drawn-out negotiations with Malone over a deal to resolve the impasse.
According to recent press reports, the two sides have been considering a swap deal which would involve Malone exchanging the 19% stake in return for News Corp's controlling stake in its US satellite TV business DirecTV.
Murdoch was upbeat about News Corp's business prospects on Friday, telling shareholders that its new-media assets such as were "moving quickly towards profitability" while its old media assets remain "reliable generators of steady cash".
"To some in the traditional media business, these are the most stressful of times. But to us, these are great times," he said.
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