Introduction
Dual-class shares – a stock setup where one class has more votes per share than another – help families or founders keep control in public companies. While common in tech, they have long roots in media, retail, and family businesses to protect legacy and strategy.
In early 2026, trends show steady use outside tech. Data from Jay Ritter’s IPO tables through 2025 reveal that non-tech dual-class IPOs hit 22 out of 59 (37.3%), up from prior years like 2024’s 17.2% and 2023’s 22.2%. Overall, 2025 saw 37 dual-class out of 90 IPOs (41.1%). Established non-tech firms like News Corp (Murdoch family media control), Ford Motor (family voting power at 40%), and New York Times (Ochs-Sulzberger family) maintain these structures. Governance reports note high prevalence in media and consumer goods, with family firms using them for multi-generational stability.
Main Predictions for 2026 Non-Tech Adoption
In 2026, dual-class structures will spread further in media, retail, and family firms, driven by needs for long-term control amid economic shifts and succession planning.
Adoption in non-tech IPOs will rise to 40-45%, based on 2025’s 37% jump. Media companies will lead, as families guard editorial independence or content strategy against short-term pressures. Examples like News Corp and New York Times set precedents; new listings in publishing or entertainment may follow.
Retail and consumer goods will see growth, with family-run firms choosing dual-class for brand protection and expansion. Voting ratios often stay moderate, like 10:1 or board election splits, to balance control and investor appeal.
Family businesses across sectors will increasingly use dual-class for smooth transitions, avoiding takeovers. Predictions include 10-15 new non-tech listings with these setups, in areas like food/beverage or household products.
Overall, 2026 will mark non-tech dual-class as a tool for enduring family influence, inspired by successes in stable industries.
Challenges and Risks
Non-tech dual-class adoption brings challenges. Concentrated power in families can reduce oversight, leading to decisions favoring legacy over performance.
In media, risks include conflicts if family views clash with public interests or journalism standards. Retail faces stagnation if entrenched control slows adaptation to e-commerce or consumer shifts.
Minority shareholders may experience oppression, with limited say on pay or strategy. Backlash could grow if underperformance ties to poor accountability.
Broader risks involve valuation discounts or activist pressure in family disputes. Succession failures might amplify issues in crises.
Opportunities
Non-tech dual-class offers strong opportunities. It preserves family vision, supporting steady long-term decisions in mature industries.
In media, it protects independence, enabling quality focus over clicks. Retail benefits from brand consistency and patient investments in stores or supply chains.
Family alignment fosters stability and cultures built for generations. Investors access proven models with resilience.
In 2026, this could drive success in consumer goods, where control aids premium positioning or sustainability.
Balanced setups with independent directors can build trust while keeping benefits.
Conclusion
In 2026, dual-class adoption in media, retail, and family firms will grow, extending beyond tech. Rising from 2025’s 37% in non-tech IPOs, it supports legacy preservation.
Risks of reduced oversight and minority concerns exist, but opportunities for stability and visionary leadership stand out. Non-tech sectors suit structures favoring endurance.
Beyond 2026, trends may normalize dual-class in family businesses, with ongoing balance debates.
