Hedge fund sells part of its New York Times stock |
Date: Wednesday, September 23, 2009
Author: Associated Press
Harbinger Capital Partners LLC says it has sold part of its 20 percent stake in The New York Times Co., but still considers the company a core holding.
The hedge fund said in a securities filing this week that it sold 5 million Times shares at $8.25 each. That leaves it with about 23.5 million shares, or a 16.4 percent stake in the company.
Fund spokesman Charles V. Zehren says the media company "is still a core holding, and the sale was done to take advantage of the strength in the market."
The New York Times Co. publishes The Boston Globe, the International Herald Tribune and 15 other dailies along with its flagship newspaper.
Its shares rose 21 cents, or 2.6 percent, to close at $8.37 Tuesday.
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