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International Business Times UK
International Business Times UK
Niloy Chakrabarti

Steve Cohen Boosts Stake in Beaten-Down TV Stock by 1,100% as Political Ads, Sports Rights Fuel Turnaround

Scripps Point72 EW Scripps ION WNBA
Cohen is betting on E.W. Scripps’ potential turnaround, despite steep losses and an uncertain recovery. (Photo: Point72)

Steven Cohen's Point72 Asset Management boosted its stake in E.W. Scripps by 1,104.7% or 3.84 million shares to own a total of 4.19 million shares of the US broadcaster, as a surge in political advertising and the company's growing sports business offer potential catalysts for a turnaround.

The 5th October filing with the US Securities and Exchange Commission showed that Point72 now owns 5.2% of the company.

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