U.K. Hedge Fund Buys News Corp. Shares
In a sign that it sees upside in the stock of the entertainment giant hit by the phone hacking scandal, Children’s Investment Fund has made it its biggest U.S. investment.
NEW YORK – U.K. hedge fun Children’s Investment Fund Management U.K. last quarter bought $833.5 million in stock of Rupert Murdoch’s News Corp., which has been engulfed in its phone hacking scandal, while reducing or selling off its investments in other big entertainment stocks, Bloomberg News reported.
The report cited a regulatory filing showing that the London-based fund held 53.8 million shares of News Corp. as of Sept. 30. While that is a small stake, the purchase of shares is a sign that it sees upside for the stock. The investment made News Corp. the fund’s biggest U.S.-listed stock holding, according to Bloomberg.
Meanwhile, the hedge fund cut its stakes in Walt Disney Co. and Viacom, while selling off a stake in CBS Corp.
Twenty-seven employees at News Corp.’s U.K. newspaper operations were named in private investigator Glenn Mulcaire's notes about his phone hacking work, it emerged Monday as the U.K. Judicial inquiry, led by Lord Justice Leveson, began its evidence sessions.