Daniel Loeb’s Third Point Capital revealed Friday that it’s acquired a chunk of ViacomCBS stock, but the hedge fund did not indicate whether it’s planning to move into activist mode in the way that’s caused headaches for Sony and other companies.
In an SEC filing, Third Point indicated it had acquired 2.75 million ViacomCBS shares (less than 1% of the total number outstanding) for about $15.4 million in the fourth quarter.
Loeb may see the newly merged media company as a good buy. And it’s basically an entity run by the Redstone family via controlling shareholder National Amusements, with a limited amount of shares with meaningful voting power and not much room for activists to maneuver. But public stakeholders can always kick up some dust. In 2016, activist investor Eric Jackson, at that time manager director of SpringOwl Asset Management, went after Viacom executives to resign.
In an SEC filing, Third Point indicated it had acquired 2.75 million ViacomCBS shares (less than 1% of the total number outstanding) for about $15.4 million in the fourth quarter.
Loeb may see the newly merged media company as a good buy. And it’s basically an entity run by the Redstone family via controlling shareholder National Amusements, with a limited amount of shares with meaningful voting power and not much room for activists to maneuver. But public stakeholders can always kick up some dust. In 2016, activist investor Eric Jackson, at that time manager director of SpringOwl Asset Management, went after Viacom executives to resign.
- 2/14/2020
- by Jill Goldsmith
- Deadline Film + TV
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