, revealed it has built a stake in Murdoch’s News Corp and said it is in discussions with the company.in New York on Tuesday, Starboard said News Corp was “significantly undervalued” and called for a spin-off of its Australian real estate division.
It added that such a move would also highlight the value of other parts of the Murdoch empire, which includesowner Dow Jones and book publisher HarperCollins as well as the newspaper titles. Shares in News Corp rose 2 per cent to just over $US22 in US trading, giving the company a market capitalisation of roughly $US12.8 billion. Starboard did not disclose the size of its holding., handing over the reins to son Lachlan. The media mogul has taken up the role of chairman emeritus of both companies.
The Murdochs have previously clashed with investors over News Corp’s value. In January, the family called off a troubled effort to merge News Corp and Fox following a backlash from shareholders, who said the enlarged group would be undervalued.
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