The largest new commitment during the quarter was Time Warner, Inc. (TWX
) whose businesses are the production of movies and video content for cable TV networks, TV series, and premium pay channel HBO. In addition, Time Warner, Inc. is spinning off its publishing unit later this year so the growth of the entertainment businesses will no longer be diluted. There is substantial interest from consumers and investors in streaming video sites accessed via the internet for a monthly subscription fee. Indeed, this is one of the key drivers in the performance of Netflix, Inc. shares this year. It is also attracting new entrants. With a new form of distribution and new distributors, quality programming should be increasingly valuable. Time Warner, Inc. is arguably one of the best producers of the needed content in a variety of formats.
From Westport Asset Management
's second quarter 2013 letter