CORRECTED: Reference of Southeastern Asset Management as a hedge fund when it is a global investment management firm.

The investment firm which joined Carl Icahn in an opposing bid for Dell Inc's buyout, Southeastern Asset Management Inc, recently announced the acquisition of a 12% voting stake in News Corp. This makes the global investment management firm the second largest shareholder after News Corp Chairman Rupert Murdoch.

The stake consists of 23.8 million class B shareholdings and this was disclosed in documents filed with regulatory authorities yesterday. The value of the shares is about USD397 million with a per share price of USD16.72. The investment is about 4.1% economic interest in News Corp, the publishing business the was spun off from the television and film division of Murdoch's empire.

The global investment management firm is headed by Chairman and CEO O. Mason Hawkins and had stated it had no plans to influence News Corp. The firm is based out of Memphis, TN and focuses on value investments with an occasional push for management control.