October 21, 2011 / 10:01 PM / 8 years ago

UPDATE 1-Icahn reveals active stake in WebMD

* Icahn reports 7.94 pct stake in co

* Icahn says to discuss company’s strategy with management

* WebMD shares up 7 pct after bell

Oct 21 (Reuters) - Activist investor Carl C. Icahn revealed an active stake of 7.94 percent in WebMD Health Corp in a regulatory filing, pushing the company’s shares up 7 percent after the bell.

The billionaire hedge-fund manager, who decided not to manage outside investors’ money earlier this year , said he may seek to talk to the company management to discuss business and strategies from time to time.

WebMD Health Corp manages websites which provide healthcare info and help employees make healthcare decisions. The company’s stock has lost about 38 percent of its value this year.

Icahn’s investment in a company usually precedes a demand to either bring a change in the company’s management or a proposal to consider strategic alternatives, including a sale or merger of the company.

WebMD shares rose 7 percent in extended trading. They closed at $32.39 Friday on Nasdaq.

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