Hedge Fund Keeps Selling NYT Co. Shares
Harbinger Capital, the activist hedge fund that had battled with management at The New York Times Co., continues to sell its substantial stake in the company, according to HedgeFund.net. Harbinger now owns about a 9.4% of the Times, down from just under 11% at the beginning of the month.
In 2008, Harbinger and fellow activist investor Firebrand Partners owned as much as 19% of Times stock. Together, the value of their holdings rivaled those of the Sulzberger family, which controls a separate class of stock that grants voting power over the direction of the company.
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