Harbinger doubles NYT shares
By Leah McBride Mensching, Tuesday 12 February 2008 at 23:49 :: Media Ownership :: #1249 :: rss
Hedge fund Harbinger Capital Partners has increased its stake in The New York Times Co., doubling its share from 4.9 percent to 9.96 percent, a move aimed at naming four directors to The Times' board, the Associated Press reported Tuesday.
Harbinger is working with Scott Galloway, a New York University marketing professor, to try to implement changes in the company, which they say has not built up its digital businesses aggressively enough.
Harbinger disclosed Monday it had bought up the additional 5.06 percent of the publicly traded Class A shares, according to the AP.
In a regulatory filing, Harbinger and Galloway said they met with senior managers at the Times Friday, but did not disclose what had been discussed. However, Galloway stated he is not proposing changes to the two-class share structure of the publishing company, which gives the Sulzberger family control, as they control the non-publicly traded Class B shares.
Galloway also proposed that he be a nominee to the Times' board, as well as three others: Allen Morgan, managing director at Mayfield Fund, a venture capital firm; Gregory Shove, a former AOL executive; and James Kohlberg, co-founder of Kohlberg & Co., a private equity investment firm, the AP reported.
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