The well known activist hedge fund Third Point also owns 1% or 1.8 million worth of Disney; 70 million shares, or about 7% of Sony, valued at $1.4 billion. Sony Corp last week rejected Daniel Loeb’s activist idea for a spinoff of part of Sony’s entertainment arm that would have included a Hollywood movie studio and music business. The board unanimously rejected the deal.
Loeb also held 5.8% of Yahoo! stock, Yahoo then bought back 40 million shares of common stock at $29.11 per share.
Third Point also owns four million shares of News Corp, worth some $130.3 million, three million Class A shares of Liberty Global, worth $220.4 million, and two million Class C shares of Liberty Global, worth $136 million.
Loeb “intends to engage Sotheby management in talks,” Reuters said.
“Sotheby’s generated $768.5 million in revenue last year, the bulk coming from the auction business that sells fine wines, art and gems. It holds a record for a work of art at auction: Last year’s sale of Edvard Munch’s “The Scream” for $119.9 million. Its biggest competitor is Christie’s, the London-based company taken private by billionaire Francois Pinault’s holding company, Artemis SA, in 1998.” Bloomberg reports.
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership in HedgeCo.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!