Harbinger Capital cuts New York Times stake again
|December 7th, 2009||
|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.
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