The firm opened a position worth more than $38 million in the legacy media company.
Philippe Laffont's Coatue built a position at Paramount Global amid tumultuous times for the storied media company. The technology-focused investor opened a stake of more than 3 million shares in the legacy entertainment giant during the second quarter, according to regulatory fillings. That amounts to a holding worth more than $38 million. Laffont is one of the "Tiger Cub" fund managers who worked under the late Julian Robertson of Tiger Management.
mountain Paramount, year to date Shares are down more than 30% so far in 2024, meaning Laffont bought in at a period of weakness for prices. The stock lost more than 11% in the second quarter alone. Those declines can be attributed to sliding cable subscriber numbers and softness in TV advertising. Paramount was one of several new stakes the MIT alum opened during the quarter. The list includes green energy stocks First Solar and SolarEdge , along with UnitedHealth Group and Nikola .
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