Mutual Funds Go Cable Shopping

Large media mutual funds appeared to be taking advantage of low-priced stocks and making bets on an improved advertising environment in the third quarter, beefing up on shares of CBS (NYSE: CBS) and News Corp (NYSE: NWS). while reducing their positions in distributors like Comcast (NSDQ: CMCSA) and Verizon Communications.

According to Securities and Exchange Commission filings over the past few weeks, the four largest mutual funds focusing on the cable space