Due diligence
A letter and PowerPoint about News Corp made this activist fund $120m
A failed bid to merge with Fox Corporation pointed out the inherent value in a couple of News Corp’s assets. One investor cashed in on the rise.
Sam Buckingham-JonesMedia and marketing reporterWhen News Corp chairman Lachlan Murdoch proposed the publishing giant merge with Fox Corporation in late 2022, shareholders went ballistic.
Irenic Capital, an activist investor with $US1 billion ($1.5 billion) in assets that held 2 per cent of News Corp, released a public letter to the company detailing its “concerns with the proposed Fox combination”.
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