Harbinger Capital cuts New York Times stake again

December 7th, 2009
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Phil Falcone's Harbinger Capital Partners has cut its stake in the New York Times Company (NYSE: NYT) for the third time since September, two years after joining forces with Scott Galloway’s Firebrand Partners to launch a proxy battle against what they believed was management resistance to organizational change at the news media company.

Harbinger Capital reaffirmed support for the company in a statement and said the cuts were the result of tactical portfolio reallocations, according to Reuters. The statement comes amidst media speculation that Harbinger Capital was contemplating taking a loss on its position to avoid further dispute with the New York Times.
For Detailed Investor Profiles on these Investors, click below:
Firebrand Partners
HRG Group (Harbinger Capital Partners)
Related People: Omar Asali (CEO); Peter Jenson (COO); Philip Falcone*; Scott Galloway
Related Entities: Firebrand Investments LLC; Firebrand Partners LLC; Firebrand/Harbinger LLC; Harbert Management Corporation*; Harbinger Capital Credit Distressed BlueLine Fund; Harbinger Capital Partners Master Fund; Harbinger Capital Partners Special Situations Fund LP; HRG Capital
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles

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