Hedge fund manager John Paulson bought into News Corporation ahead of the phone hacking scandal during a quarter when he also slashed major bank stakes.
Regulatory filings revealing Paulson & Co's activities in the second quarter of 2011 show the manager initiated a holding of 10.4m shares between April and June of this year. News Corporation's share price dropped almost 15% between 5 July and 18 July as the phone hacking scandal at the now defunct News of the World had a knock-on effect on its parent company. After falling further still during the August sell-off, the company's shares have since recovered to stand at $16.91p at yesterday's close, towards the upper end of their 52-week range. The filing also shows Paulson halved hi...
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