Starboard CEO makes case for spinning off real estate assets from WSJ owner News Corp.
Publishing timestamp: 2023-10-17 13:30:54
Summary
Activist investment firm Starboard Value is building a stake in News Corp and is advocating for the separation of the company's real estate assets from its news business. Starboard believes that this separation would highlight the value of the real estate assets. News Corp's spokesperson maintains that they are committed to their strategic plan and have achieved profitability records in recent years. The size of Starboard's stake in News Corp is unknown, and the Murdoch family's control of voting rights makes change difficult. Starboard also points out valuation discrepancies between News Corp's news and real estate businesses. Rupert Murdoch recently announced his resignation as chair of the board, with his son Lachlan Murdoch taking over. The article also mentions a previous exploration of reuniting News Corp and Fox Corp, which was ultimately called off.
Sentiment: MIXED
Keywords: business, business news, real estate, breaking news: business, news corp class a, fox corp. class a, media,
Source: https://www.cnbc.com/2023/10/17/starboard-ceo-pushes-news-corp-to-spin-off-real-estate-assets.html