Activist investor Irenic Capital Management is said to want News Corp. ( NASDAQ: NWSA ) to split its media and real estate listing business.
The activist wants News Corp. ( NWSA ) to consider splitting its online real estate listings unit from its other businesses, according to a New York Times report from late Sunday, which cited an interview with Adam Katz, one of Irenic's founders. The activist is said to have accumulated a $150 million stake in the owner of the Wall Street Journal and the New York Post.
The activist push comes after a report on Friday that Rupert Murdoch is exploring a recombination of Fox ( NASDAQ: FOXA ) and News Corp. ( NWSA ). Fox on Friday said it has formed a special committee composed of independent members of the board to begin exploring a potential combination with News Corporation.
Irenic is said to have requested a meeting with the special committee, according to the NYT report.
Fox ( FOXA ) shares fell 6.3%, while News Corp. ( NWSA ) rose 4.6%.
Late last month Bloomberg reported that Irenic Capital took a stake in Barnes Group ( B ) and wants the company to make board changes and explore a strategic review.
For further details see:
Activist Irenic said to push for News Corp. to split media, real estate listings business