Southeastern Buys Huge News Corp. Stake

Sep 11 2013 | 10:20am ET

Southeastern Asset Management, until recently Carl Icahn's partner in his effort to sink Dell Inc.'s $24.8 billion buyout, has a new target: Rupert Murdoch's media empire.

Southeastern has taken an 11.9% stake in News Corp., it said, yesterday. The firm's $397 million holding makes them News Corp.'s second largest shareholder behind Murdoch, who owns 39% of the company.

News Corp. owns, among many other things, The Wall Street Journal, New York Post, London's The Times and The Sun, publisher HarperCollins and Fox Broadcasting.

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