market folly

Jonathan Auerbach's hedge fund firm Hound Partners has filed a 13G with the SEC regarding its position in Media General (MEG).  Per the filing, Hound now owns 5.63% of MEG with over 7.28 million shares.

This is an increase of over 5.14 million shares since the end of the second quarter when they owned 2.13 million shares.  The filing was made due to activity on August 18th.

You can view the rest of Hound Partners' portfolio in the brand new issue of our newsletter.

Per Google Finance, Media General is "is a connected-screen multimedia company. The Company provides news, information and entertainment. The Company's operating segments include Broadcast and Digital. Its Broadcast segment includes over 70 television stations that are either owned, operated or serviced by the Company in approximately 48 United States markets, all of which are engaged principally in the sale of television advertising. The Company's Digital segment includes the operating results of the Company's digital businesses, as well as the business operations related to the television station companion Websites. Digital segment includes LIN Digital, LIN Mobile, LLC (LIN Mobile), HYFN, Inc. (HYFN), Dedicated Media, Inc. (Dedicated Media), BiteSize TV and Federated Media, as well as the business operations related to the television station companion Websites. LIN Digital provides display and video advertising on LIN Digital's advertising network."