News Column

Activist hedge fund takes $1bn stake in Fox

August 13, 2014

? ValueAct Capital, a US hedge fund, has taken a $1bn stake in 21st Century Fox, which represent about one per cent of the media corporation. It comes less than a week after chief executive Rupert Murdoch led the entertainment company in a failed bid to buy its rival Time Warner for $80bn. "We support [Fox's] stand-alone plan and [believe] that it would drive the stock higher," ValueAct chief executive Jeffrey Ubben said, adding that he sees Fox as a $50 stock in three years. Fox shares closed up one per cent in New York yesterday at $35.11.

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Source: City A.M. (UK)

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