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Entertainment Comcast Stock Jumps After Activist Investor Nelson Peltz’ Trian Partners Takes Stake

20:21  22 september  2020
20:21  22 september  2020 Source:   deadline.com

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The investor has taken a stake of 7.16 million shares, the filing said, adding that the change in holdings are as of June 30. Trian owns about 20 million shares in Comcast , for a roughly 0 million stake or about 0.4% of the total company, the Wall Street Journal first reported.

Nelson Peltz , one of the world’s most dogged investors , has set his sights on Comcast Corp. “ Trian believes Comcast ’s stock is undervalued,” the firm said in a statement. “We have recently begun what we believe are constructive discussions with Comcast ’s management team and look

a drawing of a person © Comcast

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Shares of Comcast jumped Tuesday after activist investor Nelson Peltz’ firm Trian Partners said it’s acquired a stake in the media giant and considers it undervalued.

The stock was up nearly 3% in a flat-to-down market late morning. Trian has acquired 20 million shares — or an 0.4% stake — in the NBCUniversal parent.

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A Trian spokesperson said the firm “believes Comcast’s stock is undervalued. We have recently begun what we believe are constructive discussions with Comcast’s management team and look forward to continuing those discussions.”

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Activist investor Trian Fund Management LP has taken a stake in Comcast Corp. in a bet that the cable giant's shares are undervalued. Executives at the hedge fund, which was founded by the investor trio of Nelson Peltz , Ed Garden and Peter May, have recently begun conversations with

GE shares are rallying in early morning trading on Monday after activist investor Nelson Peltz 's Trian Fund Management took a .5 billion stake in the company.

Comcast declined to comment on Trian’s stake, news of which emerged Monday.

So, it’s not clear what the “constructive discussions” entail. Comcast like most companies has been slammed by COVID. But it’s been streamlining and cutting costs in media and entertainment. With broadband continuing to grow, sports back and advertising off its lows, CEO Brian Roberts was upbeat about prospects at a media conference last week.

He described Universal theme parks as the hardest hit and likely slowest to recover segment of the company. Universal Orlando and Osaka are open with attendance about 25% of their pre-pandemic level and Roberts acknowledged many people may choose not to return until there’s vaccine.

Analysts have noted the substantial debt Comcast took on in the nearly $40 billion acquisition of Sky two years ago.

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Activist investor and Trian Partners CEO Nelson Peltz told CNBC on Thursday's "Halftime Report" he bought shares of unnamed companies that were "beaten down too much." Peltz 's Buying Strategy. The activist investor isn't disclosing what specific stocks he has been buying, but did confirm they

AT&T shares rally after activist Elliott Management takes .2 billion stake , sees stock worth . Published Mon, Sep 9 20197:44 AM EDTUpdated Mon, Sep 9 The activist investor announces it owns .2 billion of AT&T stock and says the company could be worth at least per share.

Comcast continued to pay a dividend but hasn’t resumed stock buybacks as some other media companies have.

Trian CEO Peltz and his partners Ed Garden and Peter May are known for acquiring stakes in companies and pushing them to divest underperforming businesses or split up, sometimes taking a board seat. Past targets include PepsiCo (Trian unsuccessfully lobbied for the company to split off Frito Lay from the soda business), Procter & Gamble and General Electric.

Activist investors have eyed media in the past. Most recently, Elliott Management pushed for changes at AT&T. Daniel Loeb’s Third Point for years pressured Sony to split. Trian’s approach is said to be lower key.

Trian currently beneficially owns approximately 20 million shares of Comcas


Video: Activist investor Trian Fund Management takes stake in Comcast (CNBC)

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