Should You Hold News Corporation (NWSA)?

Steel City Capital, an investment management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 7.9% net of fees and expenses. For the nine months in 2022, the fund fell 18.2%, net of fees and expenses. Most of the fund’s decline in the quarter happened in August, as some of the fund’s short positions rallied against the fund in the month. For more information on the fund’s top picks in 2022, please check its top five holdings.

Steel City Capital highlighted stocks like News Corporation (NASDAQ:NWSA) in the Q3 2022 investor letter. Headquartered in New York, New York, News Corporation (NASDAQ:NWSA) is a media and information company. On November 10, 2022, News Corporation (NASDAQ:NWSA)  stock closed at $17.30 per share. One-month return of News Corporation (NASDAQ:NWSA) was 10.90% and its shares lost 27.34% of their value over the last 52 weeks. News Corporation (NASDAQ:NWSA) has a market capitalization of $10.02 billion.

Steel City Capital made the following comment about News Corporation (NASDAQ:NWSA) in its Q3 2022 investor letter:

“News Corporation (NASDAQ:NWSA) and its sister company Fox News (FOX) recently announced the formation of special committees – at the urging of major shareholder Rupert Murdoch – on the their respective boards to consider a potential combination of the two companies. Such a transaction would reflect a reversal of the companies’ 2013 separation. It’s early days in the process so I’m withholding judgement at the moment. From a corporate governance best practices perspective, I’m hoping NWSA’s special committee recommends any transaction will require the approval of a “majority of the minority” so that Murdoch doesn’t steal our shares away from us well below fair value.”

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News Corporation (NASDAQ:NWSA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held News Corporation (NASDAQ:NWSA)  at the end of the second quarter, which was 34 in the previous quarter.

We discussed News Corporation (NASDAQ:NWSA) in another article and shared the best annual dividend stocks to buy. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.