By: E&P Staff
Harbinger Capital Partners has sold more of its stake in The New York Times Co. according to government filings.
Harbinger’s Philip Falcone divested $1.5 million of New York Times Class A shares at a price of $11.20 per share on March 26, reducing Harbinger’s stake to 11.68%.
The hedge fund has been selling off its New York Times stock. It once held about a 20% stake in the company as it tried to force changes from within after waging a 2008 proxy fight with Firebrand Partners. Harbinger and Firebrand secured two board seats.
New York Times Director Scott Galloway, the head of Firebrand, is leaving the board.