T Rowe Price raises concerns about News Corp merger with Fox -NYT
November 25, 2022 at 08:25 pm EST
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(Reuters) - T Rowe Price, a major shareholder of News Corp, said it had strong reservations about the plans of News Corp Chairman Rupert Murdoch to combine the two parts of his media business, News Corp and Fox Corp, The New York Times reported on Friday.
T Rowe Price, which owns 12% of News Corp, told the newspaper in an interview that a merger of the two companies would probably undervalue News Corp, which it believes is trading for less than it is worth.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Leslie Adler)
Fox Corporation is a news, sports, and entertainment company. The Company operates in three segments: Cable Network Programming, Television and Other, Corporate and Eliminations. The Cable Network Programming segment produces, and licenses news and sports content distributed through traditional cable television systems, direct broadcast satellite operators and telecommunication companies (traditional MVPDs), virtual multi-channel video programming distributors (virtual MVPDs) and other digital platforms primarily in the United States. The Television segment produces, acquires, markets, and distributes programming through the FOX broadcast network, advertising supported video-on-demand (AVOD) service TUBI, 29 full broadcast television stations, including 11 duopolies, and other digital platforms, primarily in the United States. The Other, Corporate and Eliminations segment consists of the FOX Studio Lot, which provides television and film production services and Credible Labs Inc.