Investor Irenic Capital wants News Corp to split media and real estate units

(Reuters) – Activist investor Irenic Capital Management, which has a $150 million stake in News Corp, wants the company to split its real estate units online and in the media, sources familiar with the matter said on Monday.

Irenic’s push comes after media mogul Rupert Murdoch proposed last week to reunite his media empire by combining News Corp and Fox Corp, nearly a decade after the companies split.

The companies formed special committees to evaluate the proposal. Irenic has requested to meet with a News Corp panel, sources said, adding that the investor would be prepared to oppose a deal if he undervalues ​​the company.

News Corp did not immediately respond to a request for comment.

News Corp’s media business is home to publications such as the Wall Street Journal and New York Post and book publisher HarperCollins.

Its digital real estate business earned about $1.7 billion in revenue last year, or 16.7% of its total annual revenue of $10.4 billion. It is anchored by REA Group, in which News Corp has a 61.4% stake, which is worth around $5.8 billion.

News Corp shares rose 5.4% before the bell, while Fox fell 5.6%. The New York Times first reported the news on Sunday.

(Reporting by Svea Herbst-Bayliss in New York and Eva Mathews in Bengaluru; Editing by Arun Koyyur)

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