Southeastern takes 12% stake in News Corp

Written By Unknown on Rabu, 11 September 2013 | 23.49

SOUTHEASTERN Asset Management, the investment firm that along with activist investor Carl Icahn opposed the proposed buyout of Dell, says it's taken a nearly 12 per cent stake in News Corp.

According to the Tuesday Securities and Exchange Commission filing in the US, Southeastern now owns 23.8 million News Corp Class B shares for an 11.9 per cent stake in the company, making it the largest institutional shareholder of the company, according to FactSet.

Earlier this week, Southeastern and Icahn dropped their opposition to Dell's plan to sell itself to its company founder Michael Dell in a $US24.8-billion ($A26.7-billion) deal.

New York-based News Corp owns both The Wall Street Journal and the New York Post.

Last week, it announced a deal to sell off 33 smaller publications, including eight dailies.

In morning trading, shares of News Corp added 11 cents, to $US16.83.


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