Icahn ups investments in TW, Take-Two


NEW YORK -- Former corporate raider Carl Icahn continued to do well with his stakes in entertainment stocks during the third quarter, with all except for Blockbuster Inc. gaining in value.

During the period, Icahn further boosted his holdings in Time Warner Inc. and video game maker Take-Two Interactive Software, according to filings with the U.S. Securities and Exchange Commission this week.

He also saw the value of his TW stake exceed the $1.25 billion mark after breaking through the $1 billion milestone in the second quarter. TW shares recently set a new four-year high.

As of Sept. 30, the financier's Icahn Management hedge fund owned about 55 million shares in TW worth slightly more than $1 billion, according to one SEC filing Tuesday. That was up about 11% from the 49.6 million shares with a value of $858.7 million that the firm held as of June 30.

Icahn also reported holding -- through various vehicles -- nearly 13.7 million TW shares worth $248.9 million, up from 12.3 million TW shares worth $212.8 million as of the end of the second quarter.

Icahn Management also disclosed that it has increased its investment in Take-Two, in which it had taken a stake of 800,000 shares in the second quarter that was worth about $8.7 million as of June 30. By Sept. 30, the company had boosted its stake to nearly 2.9 million shares with a value of close to $41.2 million.

Icahn Management kept its investment in Lionsgate steady at more than 4.1 million shares, where it has been since the first quarter. But the stake's value has changed from $41.8 million as of the end of the first quarter, down to $35.2 million as of June 30 and back up to more than $41.2 million as of Sept. 30.

Icahn's stakes in Blockbuster Class A and B shares also remained unchanged, but their value fell in the latest quarter along with the video rental giant's stock.