Icahn Firms Raise Stake in Time Warner; Jana Partners Sells Shares

Billionaire Carl Icahn spent almost $83 million buying Time Warner Inc. stock in the second quarter, an investment that may have already lost money. Jana Partners, which had joined his fight to break up the company, sold shares.

Icahn Management and Icahn Associates bought 4.83 million shares to bring his stake to 61.9 million as of June 30, or 1.5% of the total, according to a filing with the Securities and Exchange Commission. Jana sold 5.6 million shares, a separate filing showed.

Icahn, 70, teamed with Jana and two other private equity partners a year ago to mount a campaign aimed at boosting shares of New York-based Time Warner, the world’s largest media company.

“Some of Icahn’s partners were looking for a short-term catalyst, and when they couldn’t find it, they looked for other opportunities,” said Richard Steinberg, chief investment officer at Boca Raton, Fla.-based Steinberg Global Asset Management, which holds Time Warner stock among its $400 million under management.