5 Stocks Canyon Capital Advisors Can’t Live Without

3. Shaw Communications Inc (NYSE:SJR)

Value of Canyon Capital Advisors’ 13F Position: $155 million

Number of Hedge Fund Shareholders: 23

Canyon Capital owns an even 5 million shares of Shaw Communications Inc (NYSE:SJR) as of March 31 after raising its position in the Canadian telecommunications company by 45% during Q1. Several other billionaire money managers were also loading up on Shaw during the quarter, including Jim Simons’ Renaissance Technologies and Israel Englander’s Millennium Management.

Shaw Communications Inc (NYSE:SJR)’s proposed merger with Rogers Communications was blocked by the Canadian antitrust watchdog in late June, though the two sides have since begun a mediation process that could yet see the merger salvaged. Earlier in the month, Rogers and Shaw agreed to sell Shaw’s mobile division, Freedom Mobile, to Quebecor for CAD2.85 billion in an effort to satisfy regulators.

Shaw Communications Inc (NYSE:SJR) suffered year-over-year revenue and earnings declines in its fiscal Q3, which was not unexpected given the challenges the company has faced in regards to chip shortages and legal fees. Revenue slumped to CAD1.35 billion from CAD1.38 billion a year earlier, while EPS cratered to CAD0.41 from CAD0.70.