A Memphis bargain-hunter has become News Corp’s second-largest shareholder.

The publishers’ newspapers and Bloomberg have reported that value investment fund Southeastern Asset Management has bought almost 12 per cent of the company’s voting shares, putting it in second place after Rupert Murdoch.

It reported that Southeastern’s 23.8 million Class B (voting) shares were equivalent to a 4.1 per cent economic interest in the company. The shares are valued at $US397 million based on a price of $US16.72.

Rupert Murdoch is reported to hold about 39 per cent of News Corp's voting stock and Prince Alwaleed Bin Talal 6.6 per cent. In a statement to the US Securities and Exchange Commission, the Memphis, Tennessee, based fund manager said it had “no plans” to influence News Corp.

Its website describes Southeastern Asset Management – founded in 1975 – as an independent global money manager investing in undervalued securities for clients worldwide” “Our single investment team (with associate Longleaf Partners Funds) uses the same time-tested approach for all portfolios — paying deep discounts for well-managed good businesses to earn superior long-term results and minimise the risk of capital loss,” it says.

It is reported to have $US32.9 billion in assets under management.

The ‘new’ News Corp was formed this year from the separation of News Corporation’s entertainment assets – now 21st Century Fox – from its print and news publishing assets. These include national, metropolitan and regional daily newspapers in Australia, the UK and USA, newsagency Dow Jones, and stakes on online classified and pay-TV businesses.