Klarman's Baupost Sells News Corp., Adds to BP, AIG Stake
This article is for subscribers only.
Baupost Group LLC, the Boston-based hedge-fund firm run by Seth Klarman, sold shares of News Corp. in the first quarter while adding to positions in BP Plc and American International Group Inc.
Baupost sold off its entire 8 million A shares of New York-based News Corp., the media giant run by Rupert Murdoch, valued at $205 million at the end of last year, according to a regulatory filing today with the U.S. Securities and Exchange Commission. It reduced its stake in the company’s B shares by 9 million, bringing its remaining holding to 4 million shares, worth about $124 million at the end of the quarter.