👉 Background: News Corp is a media giant that owns publisher Harper Collins, the New York Post, Dow Jones, Foxtel and many more. But, News Corp also has a 61% stake in REA Group, the owner of Realestate.com.au. Yep, the website you scan everyday for houses outside your price range.

👉 What happened: While News Corp is listed on the Nasdaq, the Murdoch family still owns 39% of the company. But now, a US activist investor named Starboard Value reckons News Corp is "significantly undervalued".

👉 What else: In fact, Starboard believe that unloading News Corp's stake in REA Group could unlock more than $7 billion USD for shareholders. If this happens, it would be a major company restructure.

What's the key learning?

💡Strategic restructuring is like a game of chess—you've got to know when and where to move your pieces to win the game.

💡News Corp has a lot going on: it's got digital real estate businesses, newspapers, and streaming services - and these businesses would be all valued differently. So, when they are all bundled under the one company, it can be hard to determine the true value.

💡In News Corp's case, it's not just about selling off assets like the REA Group, it's about shining the light on its other assets. For example, Starboard believes that the News Corp co-owned Dow Jones could be worth more than $7 billion USD if it were valued at a similar multiple to the New York Times.

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