Harbinger Capital sold 5 million shares of New York Times (NYT) stock on September 17th at $8.25 a share, according to an SEC filing.
Harbinger bought up New York Times’ stock from 2007 to 2008, building a 19% stake. That’s now down to 16% according to the filing.
Harbinger, needless to say, has taken a bath: The Times’ stock was worth $14-$20 when Harbinger bought in.
In May, Fortune reported that Harbinger was looking to sell its shares. David Geffen was interested in buying at market prices, but Harbinger dismissed this. At the start of May New York Times shares were selling for around $5.50.
A Harbinger spokesperson said “The New York Times is still a core holding and the sale was done to take advantage of the strength in the market to adjust the portfolio accordingly.” Harbinger still has 23,538,434 shares.