Apr 26, 2018

Activist fund TCI buys 4% stake in 21st Century Fox

TCI has acquired a 4 per cent stake in 21st Century Fox, giving the activist hedge fund crucial leverage to influence the future of Rupert Murdoch's media empire at a time when it is involved in a series of complex takeover battles, said people briefed about the deal. Chris Hohn, the London-based activist investor leading TCI, has invested about $3bn in Fox, making his fund one of the top shareholders in the US media group that has recently agreed to sell its international assets to Walt Disney for $66bn. One person said that TCI had acquired a stake in Fox as it believed Comcast could try to also gatecrash Disney's deal with Mr Murdoch by making a higher offer to buy its international assets. The fund run by Mr Hohn disclosed in February that it had purchased a small stake in 21st Century Fox late last year. ValueAct, the activist hedge fund founded by Jeff Ubben, held a near $2bn stake in 21st Century Fox at the end of last year, according to a filing with US securities regulators in February.

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