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News Corp. Activist Investor Calls Potential Merger With Fox A Bad Idea, Suggests Others Ways To Maximize Value “For All Shareholders”

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Irenic Capital, which owns about 2% of News Corp. has taken issue with its potential merger with Fox, noting the latter’s advertising exposure and legal exposure.

A combination would create a more complex company and turn off investors, instead of boosting the company’s lagging stock price, it said in a letter to the News Corp.

board, suggesting, instead, a spinoff of the digital real estate business or of Dow Jones. Irenic believes a merger would benefit Fox far more than News Corp.

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