Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

New Media Investment Group Inc (NEWM): Spencer M. Waxman’s Shannon River Fund Management Discloses 5.5% Stake

Spencer M. Waxman’s Shannon River Fund Management disclosed today a new position in New Media Investment Group Inc (NYSE:NEWM). According to the Schedule 13G filing, the fund currently holds 2 million shares of Common Stock, which account for 5.5% shares of the company’s outstanding Common Stock, and are worth approximately $34.4 million at current stock prices.

Shannon River Fund Management is now the second-largest institutional shareholder at New Media Investment Group Inc (NYSE:NEWM), only outranked by Leon Cooperman’s Omega Advisors, which last disclosed ownership of 3.81 million shares of Common Stock. Another major fund betting on this company is D. E. Shaw, which last acknowledged holding 371,445 shares of Common Stock.

New Media Investment Group Inc  NEWM

New Media Investment Group Inc (NYSE:NEWM) is a $620.7 million market cap publisher of locally-based print and online media in the United States. Its products serve over 128,000 business advertising accounts and reach approximately 10 million people on a weekly basis.

According to the filing, Shannon River Fund Management’s stock purchase took place on September 18, the day after New Media Investment Group Inc (NYSE:NEWM) announced a public offering of Common Stock, priced at approximately $16.25 per share. The company expected gross proceeds of roughly $105.62 million, but ended up collecting approximately $121 million (before deducting underwriting discounts and commissions and offering expenses), as they sold 7.45 million shares, instead of the 6.5 million shares initially expected. The company said that it intends to use this money for working capital and other general corporate purposes, which may include potential investments in, and acquisitions of, local media businesses and assets.

Shannon River Fund Management is a New York-based hedge fund managed by Spencer M. Waxman. According to its latest 13F filing (for the second quarter of 2014), its equity portfolio is worth almost $2 billion, and has a strong focus on information technology (35.8% of the total equity portfolio), financial (31.9%) and consumer discretionary (22.6%) stocks.

Its two largest bets are placed on ETF options; however, its biggest long positions are the ones at WebMD Health Corp. (NASDAQ:WBMD) and IAC/InterActiveCorp (NASDAQ:IACI), two small-cap internet services companies. The fund owns 1.76 million WebMD Health Corp. (NASDAQ:WBMD) shares, worth more than $85 million, and 1.15 million IAC/InterActiveCorp (NASDAQ:IACI) shares, worth almost $80 million.

Disclosure: Javier Hasse holds no positions in any stocks or funds mentioned

Warren Buffett and BillionairesFree Report: Warren Buffett and 12 Billionaires Are Crazy About These 7 Stocks

Let Warren Buffett, David Einhorn, George Soros, and David Tepper WORK FOR YOU. If you want to beat the low cost index funds by an average of 6 percentage points per year look no further than Warren Buffett’s stock picks. That’s the margin Buffett’s stock picks outperformed the market since 2008. In this free report, Insider Monkey’s market beating research team identified 7 stocks Warren Buffett and 12 other billionaires are crazy about. CLICK HERE NOW for all the details.

Biotech Stock Alert - 20% Guaranteed Return in One Year

Hedge Funds and Insiders Are Piling Into

One of 2015's best hedge funds and two insiders snapped up shares of this medical device stock recently. We believe its transformative and disruptive device will storm the $3+ billion market and help it achieve 500%-1000% gains in 3 years.

Get your FREE REPORT and the details of our 20% return guarantee today.

Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading Comments...

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!