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Jul 7, 2017 @ 13:59

Trump’s rich friend buys into Time Magazine


Robert Mercer, the billionaire president of Renaissance Technologies and major supporter of President Donald Trump, has purchased nearly 2.5 million shares of Time Inc. stock — a sign he may have designs on the media giant and its iconic magazine Time, the New York Post reports.

The large investment represents a 2.51 percent stake in Time Inc. which was valued on March 31 at $48.1 million, the newspaper says.

Vanity Fair reports that while the stake is not large enough for a takeover, it is “certainly sufficient for Mercer to begin throwing around his weight if he wants to be more of an activist investor — or if he wants to have a voice in who does eventually acquire” Time Inc.

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