Harbinger Keeps Cutting Times Stake

Apr 23 2010 | 11:49am ET

Activist hedge fund Harbinger Capital Partners has certainly been active in one regard: selling off its stake in the New York Times Co.

The New York-based hedge fund said today that it sold 3.25 million shares of the newspaper publisher, the second time this month that it has trimmed its holdings. Harbinger’s stake in the Times, once as high as 20%, is now below 10% at 9.4%.

Harbinger sold the shares on Tuesday and Wednesday for a total of $40.4 million.

The hedge fund’s stake earned it a seat on the Times Co.’s board two years ago. But its representative, Scott Galloway, is stepping down from his post at the end of the month.

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