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New Corp And Some Of Its Journalists Targeted In Cyberattack

Spencer Platt

A large shareholder of News Corp. (NASDAQ:NWSA) and Fox (NASDAQ:FOXA) is said to be a against a plan by Rupert Murdoch to recombine the media giants.

Independent Franchise Partners, a London-based holder of News Corp. and Fox, told a special committee of News Corp.’s board last month that a combination would likely not realize the full value of the company, according to a WSJ report. The investor would rather see News Corp. sold in parts.

The IFP push comes after another shareholder, activist investor Irenic Capital Management, also came out against a potential combination on Monday, saying it would undervalue News Corp. (NWSA). Fox (FOXA) and News Corp. confirmed last month they were looking at recombining after nearly a decade as separate companies.

Independent Franchise Partners has a ~$700 million stake in News Corp. and owns a 6% stake in Fox’s A shares, according to the WSJ. IFP isn’t totally opposed to a combination, though it would want News Corp. shares to be valued at $30/share in a deal. News Corp. shares closed at $17.83 on Tuesday.

Activist investor Irenic also last month said it wanted News Corp. (NWSA) to split its media and real estate listing business. Irenic is said to have requested a meeting with the special committee.


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