Harbinger Parent Ups Stake In NYTCo To 9.96 Percent; Activists Meet With Management

Harbert Management, the parent firm of Harbinger Capital, announced in a regulatory filing that it now has 9.96 percent of the New York Times Company (NYSE: NYT), or 14.25 million shares. Through its Harbinger unit, the firm had previously disclosed a sub-5 percent stake, as part of an effort to put nominees on NYTCo’s board. We reported at the time that it was always the intent to up its holdings, but that it originally wanted to fly under the regulatory radar.

Meeting: In addition to the new holdings announcement, the firm filed a letter sent by Scott Galloway of Firebrand Partners (also part of the activist group) to Chairman and Publisher Arthur O. Sulzberger, and CEO Janet L. Robinson referencing a previously unreported meeting held on Friday: “On behalf of Harbinger Capital Partners and Firebrand Partners, I am writing to thank you again for taking the time to meet with us last Friday. We are looking forward to continuing a productive and positive dialog. Accordingly, as we discussed on Friday, each of our director nominees is free to meet with the members of your nominating committee at their convenience.”

Board nominees: The filing also makes official the four proposed nominees to the board each of whom were previously identified: Scott Galloway, James A. Kohlberg, Allen L. Morgan, Gregory Shove. The fund reserves the right to substitute other names or add additional ones if NYTCo attempts to change the structure of its board.

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