A group of investors holding just under a 5 percent stake in the New York Times Co. urged the company to buy up more digital firms, according to a regulatory filing Monday.

Hedge fund Harbinger Capital Partners and investment firm Firebrand Partners, which together own about 4.9 percent of the outstanding shares, stated although they think the publisher should spend more on digital companies, they are not looking to change the company's dual class share structure, Reuters reported Monday, citing the U.S. Securities and Exchange Commission filing.

Also Monday, the group, made up of Harbinger and Firebrand, stated it plans to nominate four board members to the New York Times with experience in “capital allocation” and Internet media, according to Reuters.

On Friday, The New York Times and Media General, Inc. stated the group is looking to elect members to their boards at the next yearly meetings.

“The current board, while impressive in stature, has not been effective in inspiring the requisite bold action this media environment demands,” Firebrand founder Scott Galloway stated in a letter to the New York Times dated Jan. 27 and filed with the SEC on Monday, according to Reuters.