Shareholder again increases Times Co. stake
Dissident shareholder Harbinger Capital Partners has increased its stake in The New York Times Co. to 11.8 percent, according to documents filed today with the Securities and Exchange Commission.
Harbinger, working with Firebrand Partners founder Scott Galloway, a New York University business professor, has criticized Times Co. for not being aggressive enough in building up its digital businesses.
The investors have nominated four candidates for election to the board at the annual shareholder meeting on April 22.
Harbinger reported owning 16.9 million shares of the New York-based publishing company, which owns The Boston Globe and the Worcester Telegram & Gazette, among other newspapers. Earlier this month, Harbinger disclosed that it had raised its stake to more than 10 percent, from 5 percent.
New York Times Co. shares were up 81 cents, or 4.3 percent, to $19.50 in mid-afternoon trading.
(AP)
