NYT-Targeting Hedge Funds Boost Stake To 19%

Feb 26 2008 | 6:57am ET

A pair of activist hedge funds pushing for changes at The New York Times Co. now owns almost 20% of the company’s shares.

Harbinger Capital Partners and Firebrand Partners, who are pushing to elect a dissident slate of four directors to the Times Co.’s board, have boosted their stake to 19.03%, they said in a regulatory filing yesterday. The hedge funds have almost quadrupled their ownership stake since January.

The two sides are set for a proxy battle, after the Times Co. urged shareholders to reject Harbinger’s nominees for the Class A board seats, and the hedge funds hiring a proxy solicitor.

RELATED ARTICLES:

Harbinger Battle Over Times Heats Up
Times Preps For Proxy Fight Over Board Seats
Hedge Funds Double New York Times Stake 
Harbinger Denies Hostile Intentions Towards Media General
Stop The Presses: Hedge Fund Seeks Times Board Seats


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