Hedge Fund Point72 Reveals 5% Stake in Fox Corp
Hedge fund billionaire Steve Cohen's firm, Point72, revealed a 5% stake in Fox Corp valued at about $350 million. Point72 is known for making opportunistic investments and large bets. The investment suggests a potential for a larger deal or sale by Fox.
Key Points
- Point72 disclosed a 5% stake in Fox Corp valued at about $350 million
- Point72 known for making large, concentrated bets on opportunistic investments
- Fox to bring live sports to streaming for the first time in partnership with Disney and Warner Bros. Discovery
Pros
- Point72's investment in Fox suggests potential for a larger deal or sale
- Point72's track record of identifying opportunistic investments
Cons
- Cohen's firm, Point72, now owns about 5 percent of Fox's shares, which could lead to increased influence in the company