PCM Shifts Stake in Several Newspaper Companies

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By: E&P Staff

Private Capital Management (PCM) is shifting its stake in several newspaper companies, according to Securities and Exchange Commission (SEC) filings. Though it?s reducing holdings in some companies, the Naples, Fla.-based investment firm, which caused the break-up of the country’s second largest newspaper chain Knight Ridder, is still a significant force in the industry.

PCM pruned its newspaper holdings most deeply in The New York Times Co., reporting that its stake had fallen to 9.3% from 11.57% in its last report to the SEC last Sept. 30. Its number of beneficially held shares declined to 13,361,684 from 16,710,073.

At Lee Enterprises, PCM reduced its interest slightly to 14.3% from 14.9% as of Sept. 30. PCM now beneficially holds 5,680,393 shares in Lee down from 6,857,300.

The investment firm?s stake in Belo grew to 19.5% from 18.2% in September though it beneficially owns fewer shares. PCM’s most recent filing said it holds 17,121,306 shares down from 19,012,672 in September.

The New York Times, Lee, and Belo have a duel class stock structure.

In a fourth SEC filing Friday related to its digital media holdings, PCM disclosed it has taken a big stake in Tewksbury, Mass.-based Avid Technology Inc., a developer of software and hardware for digital media production. PCM said it held an 11.9% stake, or 4,890,950 shares. In September, it did not report owning a stake in Avid.

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