By: Jennifer Saba Harbinger Capital Partners is taking advantage of the fire-sale share prices of newspaper companies, specifically at The New York Times Co.
According to regulatory filings, Harbinger picked up an additional 200,000 Class A shares at $13 per share and now owns 28,488,434 -- approximately a 19.6% stake in the New York Times.
Managers with Harbinger and Firebrand Partners teamed up earlier this year agitating for change at the New York Times by proposing its own slate of directors. To avoid a proxy fight, the company expanded its board from 13 to 15 seats and recommended two of the four people on Harbinger/Firebrands' list for Class A director positions.
Shareholders approved the move in the April, voting Scott Galloway, founder of Firebrand and James Kohlberg, chairman of private equity firm Kohlberg & Co., to the board.
Shares of the New York Times (NYSE: NYT) were trading down 9 cents to $13.39 in the late morning.
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