Jeffrey Smith, CEO of activist firm Starboard Value, is making the case to separate News Corp.’s real estate assets from its news business.
The firm's CEO Jeffrey Smith told CNBC's David Faber on Tuesday Starboard has been in discussions with News Corp.
"Our belief is they're going to want to ... separate the digital real estate assets to be able to highlight this beautiful business for what it's worth," Smith said on CNBC on Tuesday. "It's not great governance to have dual class," Smith said Tuesday."There have been votes to declassify, it's something to consider as well. But there are easier paths to create a lot of value."
He added Tuesday he believes the split of the businesses hasn't occurred already because the company was"a little insecure" about leaving the news division alone for a period of time.. Effective in November, Murdoch, 92, will become chairman emeritus of each company while his son Lachlan Murdoch will become sole chairman of News Corp. and continue as Fox Corp.'s executive chairman and CEO.
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