Southeastern Asset Buys 12% Voting Stake In News Corp.

Law360, New York (September 11, 2013, 2:57 PM EDT) -- Private investment firm Southeastern Asset Management Inc. has scooped up a 12 percent voting stake in News Corp., buying enough shares to give it the largest holding in the New York media company next to CEO Rupert Murdoch.

Based on Tuesday's closing price, the Tennessee investment company acquired roughly $397 million in News Corp. shares —  23.8 million shares at $16.72 a pop. The firm indicated that the purchase was part of its “ordinary course of business” and that it didn't plan to use its new...
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