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Lone Pine Capital Slashes Stake in Murdoch’s News Corp. by 93%

Lone Pine Capital LLC slashed its stake in News Corp., the media company being investigated by U.K. authorities for hacking phones of celebrities and politicians.

The hedge fund run by Stephen Mandel Jr. decreased its holdings in New York-based News Corp. by 93 percent to 1.91 million shares, according to a regulatory filing today by the Greenwich, Connecticut-based firm as of Dec. 31. News Corp. is run by Chairman and Chief Executive Officer Rupert Murdoch, 80. The firm acquired 6.24 million shares in FMC Technologies Inc., a Houston-based maker of oil field equipment.

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