Harbinger Keeps Buying The Times

Mar 31 2008 | 1:00am ET

In spite of its ceasefire with The New York Times Co.’s management, activist hedge fund Harbinger Capital Partners continues to build its stake in the Gray Lady.

The Times earlier this month avoided a proxy battle with Harbinger and its activist partner, Firebrand Partners, by agreeing to back two of the hedge fund’s nominees to its board. Harbinger and Firebrand, which have pushed the Times to focus on its core newspapers and digital publishing business, had sought to elect four directors to the company’s board.

But Harbinger continues to build its stake in the Times, buying another 150,000 Class A shares to bring its stake to 19.8%. It is the fourth time the hedge fund has boosted its stake in the company since making peace with the latter. It is unclear why Harbinger, whose stake is now worth in excess of $520 million, continues to buy Times shares.

RELATED ARTICLES

New York Times Makes Nice With Hedge Funds
Harbinger Files Times Proxy
NYT-Targeting Hedge Funds Boost Stake To 19%
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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