Phil Falcone Dumps More New York Times Stock

philip falcone tbiIs Phil Falcone giving up on the Times?

Phil Falcone’s Harbinger dropped 1.5 million shares of the New York Times (NYT) at $11.20 a piece, according to the company’s SEC filing.Harbinger originally bought up enough to New York Times stock to own at 19% stake in the company by the end of 2008.

The company poised to shake up the New York Times by adding two dissident board members, Scott Galloway and James Kohlberg, to its slate of board members elected by the company’s Class A shareholders.

They sold off 5 million shares back in September and more in November. Now Harbinger owns 11.6% of the Times, according to the SEC filing.

In February, Galloway announced that he would not ask for re-election during the company’s April meeting. James Kohlberg, the chairman of Kohlberg & Company, still plans to run for re-election.

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