(Corrects spelling of Yacktman throughout)
NEW YORK, July 11 The British hacking scandal may be unfortunate but the closing of the News of the World and the outcome of dealings with broadcaster BSkyB BSY.L will have a minimal impact on News Corp's (NWSA.O) revenue stream, a major shareholder said on Monday.
"News Corp may really tank businesswise, but I wouldn't put a high probability on it," said Donald Yacktman, chief investment officer of Yacktman Asset Management Co of Austin, Texas, the ninth-largest shareholder in News Corp.
"The market has a central tendency to overact," Yacktman said. "It does slightly reduce the predicability of the cash flows, but the impact on the cash flows is minimal at best."
Yacktman said News Corp shares are still undervalued. Its shares were down over 7 percent in U.S. trading on Monday, and are off about 14 percent over the past four days. (Reporting by Herbert Lash, editing by Gerald E. McCormick)