By: Mark Fitzgerald Harbinger Capital Partners again loaded up on New York Times Co. stock, disclosing late Monday that it now owns a 19.03% stake in the publishing company.
Harbinger is now by far the biggest single holder of Class A shares of the Times (NYSE: NYT). The hedge fund, which is working with Firebrand Partners, has been loading up on the stock in recent weeks. In its previous disclosure last Thursday, it reported owning a 15.61% stake.
The group has been preparing for a proxy fight to nominate a slate of four directors for a vote at the April 22 annual meeting.
The Sulzberger and Ochs family, who control the company by holding the vast majority of the super-voting Class B shares, have said they are studying the Harbinger nominees, but have proposed their own slate of directors and in a proxy statement are urging shareholders to support it.
Times stock ended the 4 p.m. trading at $19.59, up 56 cents or 2.94%. Though Harbinger disclosed its enlarged stake after trading closed, The Wall Street Journal reported Monday morning that it would report it had bought more stock.
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