T. Rowe Price told the newspaper that a merger of the two companies would probably undervalue News Corp, which it believes is trading for less than it is worth. T. Rowe Price owns about 17.88% of News Corp, according to Refinitiv data, and is the largest shareholder after the Murdoch family. Fox and News Corp declined to comment, while T. Rowe Price did not immediately respond to Reuters requests for comment.
The market downturn hasn't been kind to this asset manager's earnings results or share price.
There's no easy way around it; investment managers perform poorly during bear markets. But bull markets can be a fun ride.