Starboard Value has built a position in News Corp. and wants the company to separate its Australian real estate business, Crystal Tse of Bloomberg reports, citing an investor presentation. The Wall Street Journal reported on Sunday that Starboard built a stake in News Corp. and plans to push for strategic and governance changes. News Corp. is “significantly undervalued” and shedding its 61% stake in REA Group Ltd. could help unlock more than $7B for shareholders, Starboard said in an investor presentation on Tuesday, according to Tse. “We believe News Corp.’s collection of assets is worth over $33 per share,” Starboard said at the 13D Monitor Active-Passive Investor Summit in New York. “Even when using conservative assumptions, News Corp. has an opportunity to create significant shareholder value through a separation of certain assets,” it added.
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