market folly

Jonathan Lennon's hedge fund firm Pleasant Lake Partners has filed a Form 4 with the SEC regarding its position in Hemisphere Media (HMTV).  Per the filing, Pleasant Lake now owns over 1.92 million shares of HMTV.

They were out buying in the recent market decline on August 24th as well as the next two days.  In total, they bought 171,354 shares at prices of $12.75, $13.19, and $13.43.

They also show a position in Hemisphere warrants with an exercise price of $12 and an expiration of April 4th, 2018.  Hemisphere in general has been a longtime holding of the firm.

We've also highlighted other recent portfolio activity from Pleasant Lake Partners.

Per Google Finance, Hemisphere Media is "the United States Spanish-language media company serving the United States Hispanic and Latin American markets with approximately five Spanish-language cable television networks distributed in the United States, over two Spanish-language cable television networks distributed in Latin America, and is a broadcast television network in Puerto Rico. The Company owns and operates the Spanish language networks and content production platform, including movie and telenovela channels, two Hispanic entertainment genres, and the cable television networks. The Company's the United States Hispanic groups include WAPA is an independent broadcast television network; WAPA America is a Spanish-language cable television network; Cinelatino is the Spanish-language cable movie network; Pasiones is the Hispanic genre telenovelas; Centroamerica TV features news and entertainment programming, and Television Dominicana features news and entertainment programming.."