Contributors at The Motley Fool UK have been buying shares in various companies. Jon Smith bought shares in Barclays (LSE:BARC) due to its undervalued stock and cost-cutting efforts. Charlie Keough invested in BP (LSE:BP) because of its low valuation and high dividend yield. Muhammad Cheema purchased shares in General Motors due to its strong performance and potential growth. Oliver Rodzianko bought shares in Liontrust Asset Management (LSE:LIO) because of its high dividend yield and undervalued stock. Mark David Hartley invested in QinetiQ (LSE:QQ) because of its potential growth and undervaluation. Stephen Wright bought shares in Primary Health Properties (LSE:PHP) because of its attractive dividend yield. Ben McPoland purchased shares in Ramsdens Holdings (LSE:RFX) due to its undervalued stock and positive financials. Edward Sheldon added to his holding in Scottish Mortgage Investment Trust (LSE:SMT) because of its discounted price and potential for growth.
In another investment update, Richard Beddard, the author of Share Sleuth, has decided to trim one of the three over-represented companies in the Share Sleuth portfolio. He considered adding more shares in Churchill China, Quartix Technologies, Howden Joinery Group, Focusrite, Macfarlane Group, Oxford Instruments, and Dewhurst Group. Ultimately, he chose to reduce the holding in Bloomsbury Publishing due to its recent rise in share price. The reduction in the Bloomsbury holding raised £4,649. Share Sleuth's cash pile is now £5,380. The portfolio's value is £185,486, a 518% increase since September 2009. The minimum trade size is £4,675. Richard Beddard owns shares in all the shares in the Share Sleuth portfolio.
In a significant development, Bloomsbury, a UK publishing company, has made its largest acquisition to date by acquiring the academic publishing business of US group Rowman & Littlefield for £65 million. This acquisition will enhance Bloomsbury's portfolio and expand its presence in North America. The deal includes a £60 million upfront cash payment, with an additional £5 million held in escrow. It is important to note that the transaction does not include Rowman & Littlefield's trade publishing or other non-academic units. Bloomsbury plans to fund the acquisition using its cash reserves and a £30 million loan from Lloyds Bank. The acquisition is expected to significantly increase Bloomsbury's earnings by 2025/26. [a5768fe2]
In another major acquisition, Sony Music has acquired Queen's music catalog in a deal worth over $1 billion, making it the most expensive music catalog sale in history. The deal is expected to close in the next few weeks. Sony emerged as the winner in a battle with other recording giants, with another potential buyer offering $900 million. The only revenue that Sony will not receive under the deal is money generated from live performances. Queen's North American catalog is owned by Hollywood Records, while DMG will retain the band's North American rights in perpetuity. Universal Music Group has worldwide licensing rights to Hollywood Records' Queen catalog, which will go to Sony once the licensing deal expires in 2026 or 2027. The previous record for the most expensive music catalog sale was reportedly set by Bruce Springsteen, who sold his recorded music and publishing catalog to Sony Music for $600 million. Queen is one of the best-selling bands of all time, and their music saw a boost in sales and streams after the release of the biopic 'Bohemian Rhapsody' in 2019. [85d26a59]