SEC Watch: Harbinger Cuts New York Times Stake To 16.4 Percent

New York Times Headquarters

Harbinger Capital Partners, the activist hedge fund that bought its way into two New York Times Co. (NYSE: NYT) board seats in 2007, has reduced its stake in the publishing company by nearly one fifth, according to SEC filings. The hedge fund spent more than $500 million to make it happen, rolling up nearly 20 percent in the process back when shares ran in the $18-20 range. Earlier this year, reports surfaced that David Geffen might pick up the whole stake but that didn’t materialize. Now the fund has sold 5 million shares at $8.25 for $41.2 million, according to this filing, reducing its stake to 16.4 percent. That’s still a hefty chunk and a spokesman told the WSJ that Harbinger still considers NYTCo a “core holding.” The stock has been climbing up from a 52-week bottom of $3.44 in March; it’s trading at $8.60 at midday.

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