Southeastern Asset Management is now News Corp.'s (NASDAQ:NWSA) second-largest shareholder after taking a 12% stake in the company, according to an SEC filing.
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The firm previously held a 1% stake as of June. News Corp. chairman Rupert Murdoch is the company’s largest shareholder.
Southeastern now holds about 23.7 million shares, valued at roughly $393 million based on Tuesday’s closing price of $16.55.
News Corp. recently split from its television and film assets, which now fall under 21st Century Fox (NASDAQ:FOXA). News Corp. owns publishing assets such as The Wall Street Journal, the New York Post and book publisher HarperCollins.
21st Century Fox operates the film studio and television properties, including FOX Business and FOX News.
Southeastern teamed up with hedge fund titan Carl Icahn in a battle over the Dell (NASDAQ:DELL) take-private deal, looking to block founder Michael Dell’s $25 billion buyout. Icahn bowed out of the takeover fight earlier this week.
News Corp. shares were trading 10 cents higher at $16.66 Wednesday afternoon.