Several major hedge funds and institutional investors piled in on stock of News Corp even as the company was reeling from a phone hacking scandal which hurt the stock in the third quarter.

UK fund Children's Investment Fund Management bought 53.8 million shares of News Corp A stock valued at $833.5 million (528.6 million pounds) during the three months ended September 30, according to regulatory filings. Eton Park Capital Management also bought 25.9 million A shares valued at $400.7 million during the same period.

Rupert Murdoch's News Corp has been battered by a phone hacking scandal at its UK newspaper arm which has led to the arrest of some 20 executives and journalists and disrupted the company's biggest-ever merger transaction with UK satellite company BSkyB Plc .

The fallout from the scandal has threatened the Murdoch family's control of the company, with one-time presumed CEO heir James Murdoch under intense pressure in recent weeks for his role in the affair.

News Corp lost more than 25 percent in value in the month following the hacking revelations. Rupert Murdoch approved a $5 billion buyback in July to help support the stock through the period of uncertainty. News Corp had already bought back more than $1 billion in shares in period between August 15 and Sept 18.

Other hedge funds that took advantage of News Corp's summer dip included Elliot Associates LP which bought 9 million News Corp B shares valued at $140.4 million. News Corp's B shares come with voting rights. Dallas-based Maverick Capital raised its stake in News Corp by a third by buying 10.4 million News Corp A shares valued at $160.5 million, the filings show.

News Corp shares are now up 12 percent to around $17 since the share buyback was announced.

(Reporting by Yinka Adegoke in New York, editing by Matthew Lewis)