David Abrams’ Abrams Capital revealed on November 22nd that the firm made insider purchases for 2.12 million shares in CC Media Holdings Inc. (CCMO). The Form 4 filing shows Abrams Capital bought those 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. Now Abrams Capital owns 6.81 million shares in the stock. CCMO is in a downtrend throughout 2011. Now the stock is trading near its 52-week low, at $4.05.
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.