Filed under: New York Times’A’ (NYT)

Activist hedge fund Harbinger Capital disclosed in an SEC filing yesterday that it has sold 2.5 million shares of The New York Times Co. (NYT), reducing the company’s largest outside shareholder’s stake from to 14.6%. It also sold shares in September, when it reduced its position in the company from a 20% stake.

Harbinger declined a request for comment from The Wall Street Journal (subscription required), but it’s possible that Harbinger is finally realizing that the shares’ dual-class voting structure will make it impossible to affect change on the company’s operations or corporate governance — and as long as the Sulzberger family controls the company’s fate, it will continue to be a value destruction machine trading at approximately the same share price it was at in 1984.

Continue reading Is Harbinger giving up on The New York Times Co.?

Is Harbinger giving up on The New York Times Co.? originally appeared on BloggingStocks on Fri, 20 Nov 2009 15:00:00 EST. Please see our terms for use of feeds.

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