Good nugget buried deep in the folds of last Friday’s Wall Street Journal: Not only are the hedge fund guys who are making a play for the NYT upping their stake in the company — they’re increasing their face time.
Last Thursday, Firebrand Partners and Harbinger Capital Partners told the SEC that they’d bought an additional 500,000 NYT shares last week, upping their stake in the company from 10.5% to 10.9%. That same day, notes the WSJ, someone from the group also met with the Times management — the second time they’d done so in a week.
[On Thursday], New York Times Chairman Arthur Sulzberger Jr. and CEO Janet Robinson had breakfast with a representative of the group, according to a person familiar with the matter. It is the second meeting the executives have had with a member of the group, which includes hedge fund Harbinger Capital Partners and Firebrand Partners LLC, an investment firm led by Scott Galloway, an associate professor at New York University’s Stern School of Business.
Hard to see Galloway and company making much headway in their attempt to get four directors named to the NYT board, but beleaguered investors are willing to hope that something good comes from this: As PaidContent notes, NYT shares up 27% since the two groups started their run in late January.
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