Janus Dumps Cable Stocks

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Longtime cable investor Janus International Holding Co. has been rejiggering
its cable portfolio, shedding shares of MSOs like Adelphia Communications Corp.,
Cox Communications Inc. and Comcast Corp., while snapping up shares in
programmers.

The mutual-fund company sold 3.3 million shares of Comcast and 4.1 million
Cox shares between Sept. 30 and Dec. 31, according to Securities and Exchange
Commission filings. The funds also dumped their entire 1 million-share stake in
Adelphia.

At the same time, Janus substantially increased its position in Liberty Media
Corp., adding more than 19.9 million shares in the period.

Also during that span, Janus bought 6.8 million shares of USA Networks Inc.,
added another 6.2 million supervoting shares to its piece of Viacom Inc. and
bought 5.9 million shares of Charter Communications Inc.

Janus also purchased 4.4 million shares of The Walt Disney Co. and 2.5
million shares of Rainbow Media Holdings Inc.

Most observers saw the fund company's moves as a mixed strategy of taking
advantage of depressed programming stocks and diversifying its portfolio.

'They probably think there is a better way to play the ad recovery,' said one
investment banker who asked not to be named.

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