David Abrams’ Abrams Capital reported its 28.9% activist stake in CC Media Holdings Inc. (CCMO) on November 28st. Now Abrams Capital has 6.81 million shares in CCMO, after the firm made insider purchases for 2.12 million shares at $4 per share on November 21st. Abrams Capital initiated its CCMO position in July 2011 and reported 4.69 million shares at that time. After David Abram’s filing, CCMO surged 17% and is now trading at $4.90.
David Abrams graduated from University of Pennsylvania with a B.A. degree in History. Prior to forming Abrams Capital Management in 1999, Abrams worked at Seth Klarman’s Baupost Group for 10 years. In the nearly 12 years since Abrams started his fund he has achieved an annualized return of around 20 percent (net of fees).
Per Yahoo! Finance, CC Media Holdings, Inc. “operates as a media company primarily in the United States. The company operates in three segments: Radio Broadcasting, Americas Outdoor Advertising, and International Outdoor Advertising.” The company was founded in 1972 and is based in San Antonio, Texas.