Manchester United plc (NYSE:MANU) is an English Premier League professional sports team that generates revenue from broadcasting, sponsorship, and licensing. Shares were up in the first quarter over enthusiasm around the hiring of Jose Mourinho as the new manager and the addition of marquee players to its roster. The company recently launched MUTV, a global video subscription offering, which we expect to grow over coming quarters and years. The company maintains a strong pipeline of sponsorship deals, and we expect shares to benefit as it provides greater detail on its merchandising and licensing strategy and new growth initiatives in 2017. (Ashim Mehra)
From the Baron Focused Fund first quarter 2017 shareholder letter.
