Sure, they can’t get the whole board fired, but New York Times antagonists Harbinger Capital now own enough of the company to stick at least one or two gadflies at Mr. Sulzberger’s table.
As we suggested last week, the dissident shareholders have now increased their stake to almost 20% (19% to be precise). Our source said the group would stop buying after the record date for the shareholder meeting, which was last Friday, so we suspect they’re done for a while.
It’s impressive how quickly the group has bought their way in. Assuming an average purchase price of $17–halfway between the $14 where they started buying and the $20 peak–the group has shelled out about $500 million to buy its 27.2 million shares in less than three weeks. Family-controlled or no, the Sulzbergers can’t be thrilled about that.
(But it’s not all bad: Thanks to Harbinger’s buying power, they’re 40% richer!)
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