Irenic Capital Comments on Withdrawal of Proposal to Combine News Corp and Fox

NEW YORK–()–Irenic Capital Management, L.P. (together with its affiliates, “Irenic” or “we”), which is the holder of approximately 2.6% of the class B voting shares of News Corporation (“News Corp” or the “Company”) (NASDAQ: NWSA, NWS), today commented on the Company’s announcement that its Board of Directors (the “Board”) received a letter from K. Rupert Murdoch that withdrew the proposal to explore a potential combination of News Corp and Fox Corporation (“Fox”) (NASDAQ: FOXA, FOX).

Adam Katz, Co-Founder and Chief Investment Officer of Irenic, commented:

Irenic is encouraged that Executive Chairman Rupert Murdoch and Co-Chairman Lachlan Murdoch have concluded that a combination with Fox is not in the best interests of News Corp and its shareholders. This is the right decision. Looking ahead, News Corp has an opportunity to create substantial value for its owners.

News Corp owns an exceptional – yet disparate – collection of assets and businesses that is worth far more than the Company’s current trading price. In particular, REA Group Ltd. (“REA”), the dominant real estate listings platform in Australia, and Dow Jones & Company, Inc. (“Dow Jones”), the world’s preeminent financial media organization and information service, are extraordinary growth businesses. While we hope this process has highlighted the strength of those franchises, we know that further steps are necessary to unlock the value in REA, Dow Jones and News Corp’s other high-quality assets. We appreciate the efforts of News Corp’s management and its Board in assessing a potential recombination, and we look forward to working with the Company’s leadership to unlock its considerable value in the months ahead.”

About Irenic

Irenic Capital Management, L.P. is an investment management firm founded by Adam Katz and Andy Dodge. Based in New York City, Irenic works collaboratively with publicly traded companies to ensure operating activities, capital deployment and management incentives are all aligned to create value for the company and its owners. For more information about Irenic, please visit www.irenicmgmt.com.

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