A Look at 3 Activist Moves Made by Elite Hedge Funds

In a Schedule 13D filing, Water Island Capital reported owning 1.22 million shares of Journal Media Group Inc. (NYSE:JMG), representing 5.01% of its outstanding shares. The investment firm owned a mere 73,075 shares of the stock on September 30, as revealed by the fund’s 13F for the September quarter. On October 7, JMG announced that its Board of Directors had agreed to be acquired by Gannett Co. Inc. (NYSE:GCI) for $12.00 in cash. Nonetheless, Water Island Capital believes that JMG’s shareholders “cannot make an informed decision on the proposed sale to Gannett Co. Inc. (NYSE:GCI) without additional disclosures on the Issuer’s [Journal Media Group] real estate portfolio.”

Despite experiencing a decline in demand for its printed products and anticipating more challenges in the advertising space, Journal Media Group Inc. (NYSE:JMG)’s total revenue for the third quarter that ended September 30 increased to $110.3 million from $84.5 million reported a year earlier. A total of 13 smart money investors in our system had stakes in the company at the end of the third quarter, accumulating slightly over 20% of its outstanding shares. Dov Gertzulin’s DG Capital Management holds a 124,297-share stake in Journal Media Group Inc. (NYSE:JMG) as of the end of the third quarter.

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