Shares in News Corp jumped on the ASX this morning after the global media company revealed it was in talks with a possible buyer for pay TV company Foxtel.
A short time ago, the shares were trading at $44.91, up more than 8.5%.
The rise stood out in a general rally, following rises on Wall Street.
News Corp CEO Robert Thomson revealed the unsolicited interest when he announced June quarter results.
He didn't name the company or fund behind the interest.
He said the external interest should be seen as a vote of confidence in Foxtel.
The global media group is continuing to review its portfolio with a focus on maximising returns for shareholders.
"That review has coincided recently with third-party interest in a potential transaction involving the Foxtel Group, which has been positively transformed in recent years," Thomson said.
"We are evaluating options for the business with our advisors in light of that external interest."
Foxtel revenue grew 1% (or 2% adjusting for foreign currency fluctuations) to $US506 million in the June quarter, driven by Kayo and BINGE with increases in both volume and pricing.
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