Southeastern Asset Management disclosed in a regulatory filing on Tuesday that it has a stake of nearly 12 percent in Rupert Murdoch's News Corp.
The money management firm said in a filing with the Securities and Exchange Commission that it holds 23,767,700 shares, which is worth about $393 million based on News Corp.'s closing share price of $16.55 on Tuesday.
Following the report, News Corp. shares rose in pre-market trade on Wednesday. (Click here to track the company's stock price.)
(Read more: News Corp. earnings beat, boosted by cable strength)