Carl Icahn Snaps Up Clear Channel Stock
August 15, 2007 at 5:44 AM (PT)
Former corporate raider CARL ICAHN added shares of CLEAR CHANNEL COMMUNICATIONS to his media and entertainment stock portfolio in the second quarter, ahead of the firm's expected buyout, reports THE HOLLYWOOD REPORTER, and saw diverging trends in the value of his sector holdings during the quarter, according to regulatory filings TUESDAY.
His investment firm, ICAHN MANAGEMENT, reported a $272.1 million holding in TIME WARNER INC. in the form of more than 12.9 million shares. That stake in the world's largest media conglomerate was unchanged from what he reported as of the end of the first quarter. However, the stake's value was only worth $255 million at the time.
ICAHN MANAGEMENT disclosed in its filing with the U.S. Securities and Exchange Commission that it had acquired close to 1.5 million shares of CLEAR CHANNEL, which were worth nearly $55.5 million as of JUNE 30th.
CLEAR CHANNEL shares have remained below the $39.20-per-share takeover bid from private-equity groups. If two-thirds of shareholders approve the proposed transaction at a special meeting next month, ICAHN could make a quick profit.