Loeb’s Activist Hedge Fund Acquires 5.7% Stake in Sotheby’s

Edvard Munch's The Scream Goes On Display Ahead Of AuctionNew York (HedgeCo.net) – A new filing with the SEC shows that Daniel Loeb’s $14 billion hedge fund Third Point LLC spent over $156 million on the acquisition of a 5.7% stake in Sotheby’s.

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.

Alex Akesson
For HedgeCo.net
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