Steve Cohen’s Point72 Asset Management has tripled its position in Lionsgate Studios Corp, lifting its stake to 5.1% as the hedge fund deepens its exposure to the independent film and television producer behind The Hunger Games franchise, according to a report by Bloomberg.
According to a regulatory filing, Point72 now holds 14.7 million shares, up from 4.6 million in June. At Monday’s close, the position was worth roughly $94m, a small fraction of the firm’s $41.5bn in assets under management.
The move comes as hedge funds have been selectively re-entering media and entertainment equities, which have traded at depressed valuations following a challenging year for content studios and streamers. Lionsgate shares rose 7% in after-hours trading on the news, though the stock remains down 22% since its May spin-off from Starz Entertainment.
Point72 joins other prominent investors in Lionsgate, including Steven Mnuchin’s Liberty 77 Capital and Mark Rachesky’s MHR Fund Management, both long-time backers of the studio.
