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.

Interested in more info on Ascent Media? Add it to your watchlist.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is investors writing for investors.