(Bloomberg) -- Seth Klarman's Baupost Group is building up its media empire.
The Boston-based hedge fund bought a stake in Time Warner Inc. and added to its holdings of 21st Century Fox Inc. in the fourth quarter, according to a regulatory filing.
Klarman is already the third-largest owner of Sky Plc, a European pay TV operator, according to data compiled by Bloomberg. Fox is pursuing a takeover of Sky, which reached a two-year high Wednesday.
Baupost bought 8.1 million shares of Time Warner valued at $741 million as of Dec. 31. Klarman purchased 3.15 million shares of two different classes of Fox stock, valued at a combined $216 million at the end of the year.
A message to Baupost was not immediately returned.
To contact the reporter on this story: Charles Stein in Boston at cstein4@bloomberg.net.
To contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Vincent Bielski, Heather Perlberg
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