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Philip F Anschutz, one of the richest American businessman acquired stakes in more than 100 underperforming businesses and successfully restructured them into profitable entities. He built one of the largest theatre chains in the US, the Regal Entertainment Group and also flourished in the telecommunications business through Qwest. Anschutz''s flair for betting on underperforming businesses had earned him the recognition as an entrepreneur with a ‘contrarian strategy’. However, Anschutz faced setbacks when an accounting scandal forced him to quit from the Non-Executive Chairman post in Qwest. Analysts opined that his latest venture into newspaper business was also a challenge considering the strong competition from The Washington Post. The case while detailing the strategies followed by Anschutz to become one of America''s richest and successful entrepreneurs, provides scope for analysing Anschutz''s ''contrarian strategy''.