Saturday, 1 October 2016
Last updated 15 hours ago
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.
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