Activist Starboard has a 'sizeable' stake in News Corp - reports
Activist investor Starboard Value has acquired a significant stake in News Corp (NASDAQ:NWSA) and intends to advocate for strategic and governance changes at the company, which owns the Wall Street Journal and is part of Rupert Murdoch's media empire.
Starboard believes that News Corp is undervalued due to its conglomerate structure and plans to recommend the spinoff of its digital-real-estate division, which includes assets like REA Group and Realtor.com parent Move Inc, the Wall Street Journal and Reuters reported.
Moreover, Starboard aims to press News Corp to eliminate its dual-class share structure, which currently gives the Murdochs greater voting power than their economic ownership.
Wall Street Journal’s report noted that Starboard has a “sizeable” stake in News Corp. It's worth noting that the Murdoch family holds around 40% of the voting stake in the media giant, making it challenging to effect changes without their consent.
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