Yacktman Focused Fund Comments on News Corp

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Apr 29, 2021

Shares of News Corp. (NWSA, Financial) rose due to continued strong performance in the company's online real estate and news business. During the quarter the news business signed multi-year agreements with Google and Facebook, which will make that business more valuable.

The online real estate businesses, including Realtor.com and REA, a publicly traded company in Australia also performed well. News Corp.'s REA holding is valued at approximately $9 billion or roughly $15 per News Corp. share, which is remarkable, considering News Corp. rescued the company 20 years ago for a small investment. News Corp.'s Realtor.com division also produced exceptional results during the quarter and could trade at a substantial valuation if that business is taken public or spun off with the REA stake.

From the Yacktman Focused Fund (Trades, Portfolio)'s first-quarter 2021 shareholder letter.

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