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Tags: ValueAct | 21st Century Fox | CNBC | Murdoch

CNBC: ValueAct Takes $1 Billion Stake in 21st Century Fox

REUTERS Monday, 11 August 2014 11:33 AM EDT

Hedge fund ValueAct Capital LLC has taken a $1 billion stake in Rupert Murdoch-controlled film and TV company Twenty-First Century Fox Inc., CNBC reported.

ValueAct built its position when Fox was seeking to buy Time Warner Inc, CNBC's David Faber said.

Fox withdrew its $80 billion bid to buy Time Warner last week after being rebuffed by the owner of CNN, HBO and Warner Bros studios.

Faber said ValueAct Chief Executive Jeffrey Ubben had told him he "loves" Fox's standalone plan.

Fox shares were up 1 percent at $34.74 in early trading on the Nasdaq on Monday.

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