The News Corp (ASX: NWS) share price is up 5% to $19.38 today after the duel listed media giant put the for sale sign on its “News America Marketing’ business as part of its efforts to “simplify the company’s structure and enhance shareholder value”.
News Corp did not give any indication as to the kind of sum it hoped to fetch for the business but emphasised its recent success in transforming from a business “based on newspaper inserts to one of the leading in-store marketing companies in the US”.
Judging by the share price reaction it seems investors expect it could get a material sum for the business.
News Corp also reported that the potential sale would allow the group to focus on its two core pillars of premium news content and digital real estate services.
It remains a majority shareholder and partner of REA Group Limited (ASX: REA) as the operator of Australia’s realestate.com.au website, while it also has a significant stake in giant U.S. digital realtor Move.com.
It also works in a close business partnership with online jobs classifieds boards SEEK Limited (ASX: SEK) that involves the two businesses essentially cross referencing each others products or services.
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Motley Fool contributor Tom Richardson owns shares of REA Group Limited and SEEK Limited. The Motley Fool Australia has recommended REA Group Limited and SEEK Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.