Wednesday, 10 February 2016
Last updated 1 hour ago
Feb 26 2008 | 5:57am 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.