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Irenic said the combination with Fox does not serve News Corp’s strategic goals.
A joint venture or a sale of parts of the company’s news media unit to Fox would be a “far better approach” than combining the companies, the investor said in the letter dated Nov. 20.
In October, media mogul Rupert Murdoch proposed to reunite his media empire by combining News Corp and Fox Corp nearly a decade after the companies split. The companies said they had formed special committees to evaluate the proposal.
“Fox Business may benefit from greater integration with the Wall Street Journal and some of Dow Jones’ other properties, but it is highly debatable whether the benefits from such an association flow both ways,” the letter said.
Shares of News Corp, which has a market value of $10.34 billion, were up 0.4% in premarket trading.
