Philippe Laffont, founder of $7 billion hedge fund Coatue Management LLC, said he likes Time Warner Inc. (TWC), CBS Corp. (CBS) and News Corp. as the companies seek to profit from the sale of consumer content via mobile devices.
“The world’s going to move toward content being monetized in a lot of different ways,” Laffont said today in an interview on Bloomberg Television’s “Market Makers,” with Stephanie Ruhle and Erik Schatzker. “There’s a few great companies, all based here in America, that are excellent at producing content.”
Laffont worked for Julian Robertson at Tiger Management LLC before starting New York-based long-short equity hedge fund Coatue in 1999. The firm bought shares of CBS Corp. in the fourth quarter and added to its stakes in Time Warner Inc., Time Warner Cable Inc. and Viacom Inc. (VIAB)
“Soon everybody is going to have a smart phone,” Laffont said. “What do you do once everyone has a phone? Content is going to become much more important. Once you have a phone or iPad, you start watching movies a lot more.”
Coatue held 10.2 million shares of Time Warner Inc., 3.3 million shares of Time Warner Cable, 3.1 million shares of CBS and 11.3 million shares of News Corp. (NWSA) as of Dec. 31, according to the firm’s latest regulatory filing.
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