Activist investor Irenic Capital Management is unhappy with the proposed merger between News Corp. (NASDAQ:NWSA) (NASDAQ:NWS) and Fox Corp. (NASDAQ:FOXA) (NASDAQ:FOX), a New York Times report stated. Irenic Capital believes the proposed merger of both publishing houses, as proposed by Rupert Murdoch, significantly undervalues News Corp., in which it owns roughly 2% of the class B shares. Irenic Capital has written a letter to the News Corp. board requesting the formation of an independent special committee to study the deal thoroughly. Interestingly, last month, the activist investor also pushed News Corp. to separate its real estate listing and media businesses.
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