Philippe Lafont’s Coats has built a position in Paramount Global as the historic media company is in turmoil, according to regulatory filings. The technology-focused investor acquired more than 3 million new shares of the venerable entertainment giant in the second quarter, worth more than $38 million, according to regulatory filings. Lafont is one of the “Tiger Cub” fund managers, where the late Julian Robertson worked at Tiger Management. His move to Paramount comes as the company’s stock price slumps amid a looming merger with Skydance Media. Paramount agreed to the deal last month, but it includes a 45-day grace period for a committee of its board of directors to find another buyer. The company announced last week that it would cut 15% of its U.S. jobs in preparation for the merger. The stock price fell more than 11% in the second quarter alone. These declines can be attributed to declining cable TV subscribers and sluggish TV advertising. Paramount is one of several new shares he acquired in the quarter. The list includes green energy stocks First Solar and SolarEdge, UnitedHealth Group, and Nikola. He also significantly increased his stakes in Qualcomm, Avobé, and Dell, all of which are in his top 10 tech holdings. Meanwhile, he eliminated several holdings, including Baidu, Block, Crocs, DoorDash, DraftKings, ServiceNow, and General Motors. He also significantly reduced his holdings in Salesforce, Alphabet, Tesla, and Netflix. Lafont made more modest changes to mega-cap tech stocks, which make up the largest positions in his portfolio. He reduced his holdings in Meta Platforms by about 3%, but it was still his largest holding at over $2 billion. Meanwhile, he increased his holdings in Amazon and Taiwan Semiconductor by about 7% and 10%, respectively, which were his second- and third-largest holdings for the quarter.
Philippe Lafont’s Courteau joins Paramount Global
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