Nov 25 (Reuters) - T Rowe Price, a major shareholder of News Corp, said it had strong reservations about the plans of News Corp Chairman Rupert Murdoch to combine the two parts of his media business, News Corp and Fox Corp, The New York Times reported on Friday.

T Rowe Price, which owns 12% of News Corp, told the newspaper in an interview that a merger of the two companies would probably undervalue News Corp, which it believes is trading for less than it is worth. (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Leslie Adler)