Friday 16 November
Powered by Ajaxy
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.

Please follow and like us:

Tags: , ,

Related Stories
Thai businessman Chatchaval Jiaravanon agreed Friday to buy Fortune magazine for $150 million in the
The sale of Time Inc., home to some of the most storied American magazines, highlights
Time Inc., the publisher of People, Fortune, and Sports Illustrated magazines, has rejected a takeover
The Chinese yuan weakened to a decade low on Tuesday on concerns over China's slowing

Read full Article here »

Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.