Clear Channel among Icahn's new holdings


NEW YORK -- Former corporate raider Carl Icahn added shares of radio giant Clear Channel Communications to his media and entertainment stock portfolio in the second quarter, ahead of the firm's expected buyout, and saw diverging trends in the value of his sector holdings during the quarter, according to regulatory filings Tuesday.

His investment firm, Icahn Management, reported a $272.1 million holding in Time Warner Inc. in the form of more than 12.9 million shares. That stake in the world's largest media conglomerate was unchanged from what he reported as of the end of the first quarter, however, the stake's value was only worth $255 million at the time.

The overall value of all stocks held by Icahn Management rose to nearly $4.3 billion as of June 30, with media and entertainment stocks contributing about $430 million, or 10%.

As of the end of the first quarter, the overall value of Icahn Management's holdings stood at less than $2.3 billion, with sector stocks pitching in about $388 million, or 16.9%.

Icahn Management also disclosed in its Tuesday filing with the U.S. Securities and Exchange Commission that it had acquired close to 1.5 million shares of radio giant Clear Channel, which were worth nearly $55.5 million as of June 30.

Clear Channel shares have remained below the $39.20-per-share takeover bid from private-equity groups. If two-thirds of shareholders approve the proposed transaction at a special meeting next month, Icahn could make a quick profit.

Icahn Management during the second quarter kept its investment in Lionsgate steady at more than 4.1 million shares. Its value, however, declined slightly from $47 million as of March 31 to more than $45.4 million as of June 30.

Finally, the value of Icahn Management's investment in video rental giant Blockbuster Inc. dropped significantly in the latest quarter.

The company in its SEC filing reported an unchanged stake of nearly 9.2 million Class A and 4.45 million Class B shares in Blockbuster. But their value as of midyear amounted only to $39.6 million and $17.4 million, respectively. At the end of first quarter, the holdings were worth nearly $59.2 million and $26.7 million, respectively.

Via various investment vehicles, Icahn continued to hold about 2.3 million Class A shares of Blockbuster and about 1.1 million Class B shares.

According to another SEC filing Tuesday, the stakes were worth $9.9 million, down from $14.8 million, and more than $4.3 million, down from more than $6.6 million, respectively.