Takeover Targets From Discovery to AMC Having Best Week in Years
(Bloomberg) -- Thanks to AT&T and Time Warner, media stocks are having their best week in three years. The biggest winners? Takeover targets from Discovery, Inc., to Lions Gate Entertainment Corp.
The S&P 500 Media Index is up as much as 6.2 percent intraday for the week, the most since 2015. Discovery and Lions Gate are gaining more than 5 percent, while other takeover targets -- like AMC Networks Inc. -- are pacing smaller gains, as much as 2.2 percent intraday.
AMC has grown its production arm and has garnered a leading position with key demographic groups through modest acquisition. That bode well for a company like Amazon, according to a report by Seeking Alpha.
MSG Networks Inc.’s another attractive target, with its pure-play sports content covering the New York Knicks and New York Rangers giving it an upper-hand in the days of cord-cutting. Shares are up as much as 8.8 percent, the most in almost three years.
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