Baupost's Klarman Adds Time Warner to Growing Media HoldingsBy
Hedge fund firm increases its stake in 21st Century Fox
Firm is among the largest owners of TV operator Sky Plc
Seth Klarman’s Baupost Group is building up its media empire.
The Boston-based hedge fund bought a stake in Time Warner Inc. and added to its holdings of 21st Century Fox Inc. in the fourth quarter, according to a regulatory filing.
Klarman is already the third-largest owner of Sky Plc, a European pay TV operator, according to data compiled by Bloomberg. Fox is pursuing a takeover of Sky, which reached a two-year high Wednesday.
Baupost bought 8.1 million shares of Time Warner valued at $741 million as of Dec. 31. Klarman purchased 3.15 million shares of two different classes of Fox stock, valued at a combined $216 million at the end of the year.
A message to Baupost was not immediately returned.