Morning edition — reporting checked through 6:05 a.m. ET, September 20, 2026.
Sachem Head has reportedly built a 6% stake in Rightmove, arguing that the property portal’s AI-related selloff has gone too far and pressing the case for debt-funded repurchases. Parvus has accumulated 13% of Informa, the exhibitions and information group, where the possible moves include asset sales or leaving the London market. Neither fund commented. The Times, September 20
Rightmove is the cleaner capital-allocation trade: a high-margin network business can borrow and shrink the equity if its franchise remains intact. That “if” carries most of the risk. AI can reduce the cost of building a property search interface; it cannot cheaply recreate agent relationships, listings density and consumer habit, but it may weaken how much of the economics belong to the portal.
Informa is more a conglomerate-discount argument. Events, specialist information and a London listing create several levers, but also make the eventual source of value less diagnostic. A buyback can reveal whether management believes its own durability; an asset sale can improve the multiple without improving the underlying business.