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.

Mario Gabelli Raises Exposure to Belo Corp (BLC)

Mario Gabelli, and GAMCO Investors reported increasing slightly their aggregate position in Belo Corp (NYSE:BLC). Gabelli and his funds currently hold almost 6.3 million shares of Belo Corp, the value of the stake amounting to $86.1 million, at the current stock price of the company. The passive position disclosed by Gabelli has been raised to 6.55% of the Belo Corp’s outstanding common stock, from 5.42% representing nearly 5.2 million shares reported in an earlier filing.

Mario Gabelli

Out of the aggregate amount, GAMCO Investors holds around 1.5 million shares, up from 1.3 million held previously. The largest amount of shares is held by Gabelli Fund, which according to the filing, owns close to 3.8 million shares, versus 2.9 million held before. In the latest 13F, GAMCO reported ownership of some 630,000 shares of Belo Corp (NYSE:BLC), which shows that the position has been upgraded significantly.

The stock of Belo Corp (NYSE:BLCgrew by almost 79% since January, trailing a P/E of over 15. The company is currently in the merger process with Gannett Co., Inc. (NYSE:GCI), which offered to acquire Belo Corp earlier this year. The merger, under the terms of which Gannett offered $13.75 per share, has been approved by the shareholders in September. The deal is expected to close by the end of the year.

Main hedge funds that hold large positions in Belo Corp (NYSE:BLC) have boosted their exposure during the third quarter of the year. In this way, John Paulson’s Paulson & Co raised its stake by 72% over the quarter to over 9.0 million shares, worth $123.9 million. Carl Tiedemann and Michael Tiedemann’s Tig Advisors, increased their position to around 4.6 million, worth $63.6 million, from some 2.2 million shares held earlier. Aqr Capital Management, run by Cliff Asness, disclosed holding over 3.7 million shares, with a value of $50.9 million, raising the holding from just 315,700 shares owned at the end of the second quarter.

Disclosure: none

Recommended Reading:

Heartland Advisors Edges Up Its Holding in Hudson Global Inc (HSON)

Daniel Och, Och-Ziff Capital Management Initiate Passive Stake in 500 Com Ltd. (WBAI)

Becker Drapkin Management Reports Surging its Position in Comverse Inc (CNSI) to 6.1%

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.