Hedge fund ValueAct Capital LLC said it had taken a $1 billion stake in Rupert Murdoch-controlled film and TV company Twenty-First Century Fox Inc.Fox withdrew its $80 billion bid to purchase Time Warner last week after being rebuffed by the owner of CNN, HBO and Warner Bros studios. Murdoch said he has no plans to pursue another company as an alternative."We support (Fox's) stand-alone plan and (believe) that it would drive the stock higher," ValueAct Chief Executive Jeffrey Ubben told Reuters, adding that he sees Fox as a $50 stock in three years.Fox shares were up 1 percent at $34.69 in late morning trade on the Nasdaq.
Twenty-First Century Fox, Inc., formerly News Corporation, is a diversified global media and entertainment company with operations in cable network programming; television; filmed entertainment; direct broadcast satellite television, and other, corporate and eliminations. Shares of FOXA traded higher by 0.68% or $0.235/share to $34.60. In the past year, the shares have traded as low as $30.67 and as high as $36.43. On average, 16072500 shares of FOXA exchange hands on a given day and today's volume is recorded at 11069117.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX traded higher by 1.06% or $0.774/share to $74.00. In the past year, the shares have traded as low as $57.59 and as high as $88.13. On average, 8131520 shares of TWX exchange hands on a given day and today's volume is recorded at 3383590.
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