On October 18, 2023, Starboard Value announced that News Corp should spin-off its online property businesses for $7bn. Starboard Value said the $12.6bn valuation of the Company is not up to the mark and management should look at breaking up the business. Jeff Smith, chief executive at Starboard, said that if the Company separates the digital real estate assets through a tax-free spin-off, shareholders will see significant appreciation in the Company's share price.

Starboard Value added that the Company?s real estate arm includes Move Inc, the owner of Realtor.com, in the US and an interest in REA Group in Australia and the Company briefly looked at a potential $3bn sale of Move Inc to CoStar Group earlier this year.