Investment Firm Takes 11.9 Percent Stake in News Corp
Southeastern Asset Management has purchased more than 23 million of the publishing company's Class-B shares.
Southeastern Asset Management Inc., which invests in “undervalued” securities, has taken an 11.9 percent stake in News Corp, the publishing firm controlled by Rupert Murdoch, according to a regulatory filing on Tuesday.
At the end of August, according to the filing, Southeastern owned 23,767,700 Class-B common shares of News Corp.
Southeastern was founded by O. Mason Hawkins in 1975. As of June, the portfolio included investments in The Washington Post Co., Scripps Networks Interactive Inc., Level 3 Communications, Vail Resorts and several other firms.
Shares of News Corp, recently split from 21st Century Fox, closed 1.4 percent higher on Tuesday at $16.56.