Yesterday, shareholders the Amalgamated Bank of New York and the Central Laborers Pension Fund alleged that News Corp's board of directors failed to properly challenge Murdoch's actions in the deal.
The takeover of Shine, producer of shows such as MasterChef, Ashes To Ashes and Spooks, will see Elisabeth earn around $320m in return for her 53% stake in the firm and take a seat on the News Corp board. The transaction is expected to close on March 31 after regulatory approval has been secured.
"In short, Murdoch is causing News Corp to pay $675 million for nepotism," said the lawsuit, filed in Delaware's Chancery Court.
"In addition to larding the executive ranks of the company with his offspring, Murdoch constantly engages in transactions designed to benefit family members."
The lawsuit accuses Murdoch senior of treating News Corp "like a wholly owned family candy store", and also argues that a fair price was not agreed for Shine.
It added: "Although the transaction makes little or no sense for News Corporation and is far above a price any independent, disinterested party would pay for Shine, it is unsurprising that the transaction was approved by News Corporation's board."
The lawsuit is seeking damages and a declaration that News Corp's directors failed to uphold their fiduciary duty to shareholders.
However, News Corp spokeswoman Julie Henderson described the lawsuit as "without merit", adding that Shine is a "very attractive business".