Reginal Thomas
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ValueAct Buys A Stake In Twenty First Century Fox Worth $1 Billion


ValueAct Capital LLC, a hedge fund, announced it acquired a $1 billion in stake in Rupert Murdoch’s film and television conglomerate Twenty First Century Fox Inc. Last week Fox withdrew a $80 billion bid to buy Time Warner. Murdoch announced he has no plans to pursue another company, which leads people to believe a deal will happen one day. Jeffrey Ubben, ValueAct Chief Executive said, “We support Fox’s stand alone plan and believe that it would drive the stock higher.” He also said he thinks Fox will be a $50 stock in the next three years. Fox’s shares closed at $34.69 on the Nasdaq.