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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of media production company Ascent Media (Nasdaq: ASCMA ) jumped 10% in pre-market trading today, then followed through with a 12.4% gain during regular trading hours.
So what: This pop mirrors the one Ascent Media enjoyed on Nov. 24, and for good reason: They're two sides of the same coin. Last week, the company sold two divisions to Deluxe Entertainment Services, and this time, another unit found a buyer in Encompass Digital Media.
Now what: There's only one division left to sell before Ascent Chairman John Malone's exit strategy for the former Liberty Media Interactive (Nasdaq: LINTA ) subsidiary is complete. Ascent will have about $460 million of debt-free cash on hand once both of the recent transactions close, which isn't too shabby for a company valued at $485 million. That small spread does seem to indicate that the remaining media distribution assets don't carry much value, though.
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