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Investor Icahn lowers Time Warner stake

Billionaire investor Carl Icahn cut his stake in media company Time Warner Inc. to 20 million shares in the fourth quarter from 55 million shares, according to a U.S. regulatory filing on Wednesday.
/ Source: Reuters

Billionaire investor Carl Icahn cut his stake in media company Time Warner Inc. to 20 million shares in the fourth quarter from 55 million shares, according to a U.S. regulatory filing on Wednesday.

Icahn through his investment firm Icahn Management LP disclosed in a U.S. Securities and Exchange Commission filing that he also raised his stake in Federated Department Stores Inc., the parent of Macy’s and Bloomingdale’s, to 6.8 million shares in the last three months of 2006 from 2 million shares.

He also disclosed owning 2.8 million shares of drugmaker MedImmune and 4.8 million shares of Talisman Energy Inc., Canada’s No. 3 independent oil explorer, as of December 31.

During the fourth quarter, Icahn bought 868,002 shares of Quest Resource Corp., an independent energy company, and 173,304 shares of Regeneron Pharmaceuticals Inc..

He also sold 987,120 shares of GenCorp and reduced his stake in health insurer Cigna Corp. to 679,733 shares from 1.1 million shares, the SEC filing shows.