The next question is often, "But aren?t the stocks you invest in highly correlated?" The answer is yes, but not as much you might think.
I?ve been reminded of the diversity in media and communications several times recently.? A journalist at the Hollywood Reporter asked me about DreamWorks Animation (NASDAQ:DWA) over the weekend for an article he was working on regarding the possibility that the company would be sold.? About 10 minutes later, news broke that Tom Rothman was leaving as head of Fox Filmed Entertainment just weeks after a deal was finalized for Fox to replace Paramount as DreamWorks film distributor.
Monday night, Liberty Media (NASDAQ:LMCA) announced that it was converting half of its preferred stock stake in Sirius XM Satellite Radio (NASDAQ:SIRI) into voting common shares.? The move gives Liberty 32% of the voting power at Sirius, effectively allowing Liberty to nominate and elect its own directors at the next Sirius annual meeting.? Clearly, the end game for Liberty taking control of Sirius and defining the future financial strategy for both companies is coming shortly.
No positions in stocks mentioned.
Entermedia is a long/short equity hedge fund focused on media, communications, and related technologies. Steve Birenberg is co-portfolio manager of Entermedia, owns a stake in the Funds? investment management company, and has personal monies invested in the Funds. CBS and Discovery Communications are widely held by Northlake Capital Management, LLC, including in Steve Birenberg?s personal accounts. Steve is sole proprietor of Northlake, a long only registered investment advisor.The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
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