May I Have Some More, Sir? Harbinger Takes Another Helping Of N.Y. Times Co. Stock

By: Mark Fitzgerald

Harbinger Capital Partners has again slightly increased its stake in The New York Times Co., disclosing in a regulatory filing Monday night that it bought another 250,000 shares last week and pushed its stake up to 19.42%.

That comes on top of two other stock purchases earlier last week that increased its stake of the publicly traded Class A shares up from 19.03%.

Harbinger and Firebrand Investments two weeks ago settled their threatened proxy battle with the Times Co. when the publisher agreed to seat two of their four nominees on the board of directors, while expanding the board by two members.

Harbinger maintains the Times Co. should shed some non-core assets and move more aggressively in digital media.

Times stock (NYSE: NYT) ended the trading day Monday at $20.39, up 86 cents, or 4.41%.

Harbinger is in an ongoing fight with Richmond, Va.-based Media General, another big newspaper company with a dual-class stock structure that ensures ownership is controlled by a family.

RSS
Follow by Email
Facebook
Facebook
Twitter
Visit Us
LinkedIn

Leave a Reply

Your email address will not be published. Required fields are marked *