By ESPN’s Mike Fiammetta The shares of Molina Media Holdings, a private company that specializes in the creation of premium television and movie content, have soared more than 10% in a week and have climbed more than 300% in the past 24 hours.
The company has raised a record $1.7 billion in financing to bring in more than $2 billion in revenue for the year.
The new financing comes amid heightened speculation about the company’s future, with the company looking to sell its stake in an investment firm.
Molina said on Tuesday that it plans to take a “substantial” charge for the company to complete the acquisition of its stake, and will have to repay the money in full within 30 days.
The valuation of Molinas shares is about $2.9 billion, according to FactSet.
The shares have been on a tear since they closed on Tuesday at $7.65.
They rose almost 200% in less than a week.
Molinas stock is up about 70% since its opening day.
Molins has been gaining momentum.
On Tuesday, it was up more than 2.2% on the Nasdaq to $13.60, or $3.11 a share.
On Thursday, it hit a fresh record high of $17.70, or more than 4% higher than the previous record high set earlier this month.
The stock has risen more than 200% since the start of the year, according a FactSet tally.
The price of Molins stock rose nearly $1,500 in the last 24 hours, according.
Molini has struggled with revenue.
In the last 12 months, its revenue has declined about 16% from the same period last year, as it has tried to diversify its revenue base.
That is largely due to the popularity of premium programming like cable networks and streaming services, the company said in a statement.
“We have had to change our business model, which is why we believe the timing is right for the acquisition,” Molina chief executive officer James Molina told reporters.
He added that the company will continue to focus on growing its television content, particularly its cable channels, which he said were growing at a faster rate than other cable companies.