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FOX CORPORATION

(FOXA)
  Report
Delayed Nasdaq  -  04:00:01 2023-01-30 pm EST
33.66 USD   -0.56%
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Investor Irenic Capital wants News Corp to split media, real estate units - sources

10/17/2022 | 09:07am EST
FILE PHOTO: The News Corporation logo is displayed on the side of a building in midtown Manhattan in New York

(Reuters) - Activist investor Irenic Capital Management, which has a $150 million stake in News Corp, wants the company to split its media and online real estate units, sources familiar with the matter said on Monday.

Irenic's push comes after media mogul Rupert Murdoch's proposal last week to reunite his media empire by combining News Corp and Fox Corp, nearly a decade after the companies split.

The companies have formed special committees to evaluate the proposal. Irenic has sought a meeting with panel from News Corp, sources said, adding the investor would be prepared to oppose a deal if it undervalues the company.

News Corp did not immediately respond to a request for comment.

News Corp's media business is home to publications like the Wall Street Journal and the New York Post and book publisher HarperCollins.

Its digital real estate business made about $1.7 billion in revenue last year, which is 16.7% of its total $10.4 billion annual revenue. It is anchored by REA Group, in which News Corp has a 61.4% stake, which is worth about $5.8 billion.

News Corp shares were up 5.4% before the bell, while Fox fell 5.6%. The New York Times first reported the news on Sunday.

(Reporting by Svea Herbst-Bayliss in New York and Eva Mathews in Bengaluru; Editing by Arun Koyyur)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
FOX CORPORATION -0.56% 33.66 Delayed Quote.10.83%
NEWS CORPORATION -1.71% 20.17 Delayed Quote.10.82%
REA GROUP LIMITED -1.40% 125.62 Delayed Quote.14.99%
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Analyst Recommendations on FOX CORPORATION
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Financials (USD)
Sales 2023 14 888 M - -
Net income 2023 1 803 M - -
Net Debt 2023 1 287 M - -
P/E ratio 2023 10,2x
Yield 2023 1,52%
Capitalization 17 727 M 17 727 M -
EV / Sales 2023 1,28x
EV / Sales 2024 1,27x
Nbr of Employees 10 600
Free-Float 80,0%
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Technical analysis trends FOX CORPORATION
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 33,66 $
Average target price 36,98 $
Spread / Average Target 9,85%
EPS Revisions
Managers and Directors
Lachlan Keith Murdoch Chief Executive Officer
Steven Silvester Tomsic Chief Financial Officer
Keith Rupert Murdoch Co-Chairman
Paul Cheesbrough Chief Technology Officer & President-Digital
John P. Nallen Chief Operating Officer
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