Hedge fund Harbinger Capital Partners has cut its stake in the New York Times Co. for the third time since September,
Reuters reported.
In late 2007 and early 2008, Harbinger bought about 20% of the company for approximately $500 million. In a Dec. 3 securities filing, the hedge fund reported a 12.79% stake in the Times Co.’s publicly traded shares — down from the 14.64% it reported owning on Nov. 19. In September, it had reported a stake of 16.38%, the Reuters article said.
Some media reports in recent weeks speculated that the hedge fund and Harbinger’s chief investment officer, Philip Falcone, had grown tired of their investment and would prefer to cut and run with a loss….
However, Reuters reported, Harbinger issued a statement in support of the Times.
“Harbinger Capital Partners continues to believe in the company, and we are modifying our position as part of our ongoing portfolio management.”
Harbinger had paid about $20 a share for its Times stock; the Dec. 3 closing price was $8.55, according to the Reuters report. (Source: Reuters, Dec. 3, 2009.)
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