© Reuters. FILE PHOTO: The News Corporation building is pictured in the Manhattan borough of New York City, New York, U.S., May 5, 2021. REUTERS/Carlo Allegri/File Photo
(Reuters) – Activist investor Irenic Capital Management, which has a $150 million stake in News Corp (NASDAQ:), sent a letter to the company, asking its special committee formed to evaluate a deal with Fox Corp to “explore value-maximizing alternatives to a combination with Fox”.
In the letter dated Nov. 20, Irenic said the combination with Fox does not serve News Corp’s strategic goals.
In October, media mogul Rupert Murdoch proposed to reunite his media empire by combining News Corp and Fox Corp nearly a decade after the companies split. The companies said they had formed special committees to evaluate the proposal.
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