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.

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