- Steve Cohen is investing in entertainment opportunities, including Sphere Entertainment Co. and Fox Corp.
- His firm, Point72 Capital, has taken a 5.5 percent stake in Sphere with a market value of over $50 million.
- Sphere, owned by James Dolan, will venture into sports with a live UFC fight later this year.
Hey there, guess who’s diving headfirst into the entertainment world? That’s right, our very own Steve Cohen, the hedge fund billionaire and proud owner of the New York Mets. This guy is all about seizing those opportunities, and his latest move is taking a 5.5 percent stake in Sphere Entertainment Co., the masterminds behind The Sphere in Las Vegas.
According to a fancy securities filing, Steve’s firm, Point72 Capital, now holds over 1.5 million shares (including options) in Sphere, valued at a cool $50 million. Not bad for a day’s work, huh?
But wait, there’s more! Steve recently threw some serious cash at Fox Corp too, snagging a 5 percent stake worth around $350 million. Looks like he’s got a thing for companies with a strong sports presence, from live sports streaming with Fox to live concerts and even a UFC fight on the horizon with Sphere. Talk about diversified interests, am I right?
And get this – one of Steve’s other firms has a piece of the pie in Range Media Partners, dipping its toes in the sports sector through Range Sports. The man is everywhere, I tell ya!
Now, let’s not forget that Sphere is under the watchful eye of another big shot sports team owner, James Dolan, who’s holding the reins at the New York Knicks and the New York Rangers. Plus, he’s got his hands full with Madison Square Garden. Seems like sports and entertainment moguls are all the rage these days.
And you know what? Despite Steve being a big shot in the investing world (they even based a character on him in that Billions show), he’s not all about causing a ruckus with activist campaigns. Nope, he’s more about sniffing out those sweet investment deals that others might overlook and betting big on them. Talk about playing the game smart, huh?
So, there you have it, folks. Our man Steve Cohen is shaking things up in the entertainment biz, making moves left and right like a boss. Who knows what he’ll tackle next? But one thing’s for sure – we’ll be keeping an eye on him. Share this juicy gossip with your pals and let’s keep the conversation going!
