Marathon in the media

Thu Dec 1, 2005

It's been a really rough ride for media stocks, whose recent market slide has been almost as steep as the decline of newspaper readership. Hedge funds investing in such stocks may be bucking the conventional wisdom about the future of print. But that bet hasn't paid off yet.

And it isn't helping that one prominent media company's founder and colleagues are being accused of stealing $51.8 million from company coffers. That's what happened in early November when the Hollinger International newspaper group's founder was brought up on criminal charges. Fallen media tycoon Conrad Black was indicted in Chicago for allegedly committing fraud and diverting huge sums of cash from Hollinger to pay for personal expenses, including a party for his wife and tens of thousands of dollars for a trip to Bora Bora.

One of largest shareholders, as of October 1, was Marathon Asset Management. Filings with the Securities...

ISSN: 2151-1845 / CDC10004H


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