ValueAct Capital Increases 21st Century Fox Stake ~ market folly

Wednesday, May 27, 2015

ValueAct Capital Increases 21st Century Fox Stake

Jeff Ubben's activist investment firm ValueAct Capital has filed a 13D with the SEC regarding its stake in 21st Century Fox (FOX).  Per the filing, ValueAct now owns 5.5% of the company with over 43.5 million shares.

The filing indicates that ValueAct were out buying the voting share class of FOX on a few days in April and throughout early May.  In total, they purchased over 12.1 additional shares since the end of the first quarter.  The common theme among the purchases is the price: around $32.xx. 

This is notable because this is the second time ValueAct has purchased around these levels, after originally starting their stake in the second quarter of 2014 and then ramping up their stake the following quarter.

Fox shares have largely traded sideways, with ValueAct stepping in to buy when shares have traded below $33 or so.

For more from this fund, check out partner Mason Morfit on their Microsoft position.

Per Google Finance, 21st Century Fox is "a global media and entertainment company. The Company’s Cable Network Programming segment consists of the production and licensing of programming distributed primarily through cable television systems, direct broadcast satellite operators, telecommunication companies and online video distributors. The Television segment consists of the broadcasting of network programming in the United States and the operation of 28 full power broadcast television stations, including 10 duopolies, in the United States."

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