Olympian Investors Smile Upon US Cable Industry

17 February 2005

Warren Buffet and George Soros, the earthly equivalents of Zeus and Poseidon, have conferred a joint benediction upon the US cable industry.

It is fortunate, given the present state of the US economy, that these Olympians are hurling dollars rather than firebolts at those mortal entities Comcast Corporation and Time Warner - respectively numbers one and two in the burgeoning cable sector.

Zeus, better known in more corporeal circles as the Sage of Omaha, reported to the Securities and Exchange Commission that his company Berkshire Hathaway has doubled its holding in Comcast from 5 million shares to 10m - a stake currently valued at $328m (€252.58m; £173.6m).

Soros Fund Management, the eponymous billionaire's investment vehicle, has also increased his stake in Time Warner, to a reported value of $50m.

Among other divine skill sets, Poseidon is the god of earthquakes - an effect Soros undoubtedly had on the British economy when in September 1992 his speculation on the pound sterling led to the UK government's humiliating withdrawal from the European Exchange Rate Mechanism.

Neither god would comment on his latest investment.

Data sourced from Telegraph.co.uk; additional content by WARC staff