The Madison Square Garden Co (MSG): JAT Capital Continues to Increase Activist Stake

John Thaler’s JAT Capital Management recently disclosed, with the SEC, another increase in its exposure to The Madison Square Garden Co (NASDAQ:MSG). The fund declared ownership of 4.93 million shares of Class A Common Stock, up from the 4.28 million shares last revealed – and triple in comparison with 1.64 million shares held by the end of the second quarter of 2014. This stake accounts for approximately 7.75% of the company’s outstanding stock, and makes JAT Capital Management the largest hedge fund shareholder – amongst those that we track.

A few weeks ago, the fund already disclosed a marked increase in its bet on The Madison Square Garden Co (NASDAQ:MSG), and expressed its intention to engage in discussions with the company’s Board of Directors and management, regarding the creation of long-term value for shareholders.

The Madison Square Garden Co (NASDAQ:MSG)

Mr. Thaler said he considers the stock to be cheap, and plenty of value could still be unlocked. However, he also assured that he does not intend to acquire a controlling interest in the company, nor push for a merger.

Unlike JAT Capital Management, which just recently went activist, Christian Leone’s Luxor Capital Group, the second largest hedge fund shareholder of record, last disclosed a passive stake in The Madison Square Garden Co (NASDAQ:MSG), with approximately 4.88 million shares. This position, worth more than $300 million, accounts for more than 7.6% of the company’s outstanding stock.

Other major institutional investors betting on The Madison Square Garden Co (NASDAQ:MSG) are Mario Gabelli’s GAMCO Investors and John W. Rogers’ Ariel Investments. After increasing their stakes in the company, these funds own 2.95 million shares and 2 million shares, respectively.

The Madison Square Garden Co (NASDAQ:MSG) is a $5.1 billion market cap integrated sports, entertainment and media business company. Its sporting division includes the New York Knicks and the New York Rangers (hockey club); its sport programming business, the MSG Network; and its entertainment segment, the Madison Square Garden Arena, the Radio City Music Hall, and the Beacon Theatre, amongst others.

Also recently, the company appointed a new CFO and Executive Vice President: Sean Creamer. Mr. Creamer had previously served as Arbitron Inc’s President, and joined The Madison Square Garden Co (NASDAQ:MSG)’s team in September 1. According to the company, the new CFO should help create value and explore new business opportunities.

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

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The 10 Largest Pharmaceutical Companies In the World

The 10 Most Expensive Android Apps

The 9 Most Expensive Designer Bags in the World

The 7 Most Expensive Real Estate in the World

The 10 Most Expensive eBay Items Ever Sold

The 10 Most Expensive iPhone Apps

The 9 Most Expensive Designer Shoes in the World

The 10 Most Expensive Cigarette Brands

The 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

Subscribe

Enter your email:

Delivered by FeedBurner

X

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 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!