Harbinger Capital Partners, a shareholder of the New York Times Co., raised its stake in the company by almost 10 percent this week as it looks to replace four of the board’s directors, reports the Boston Globe.
Harbinger, which owns 14.3 million NYT shares (about 9.96 percent), is the publisher’s second-largest shareholder, following T. Rowe Price Group, according to the Globe.
Meanwhile, Firebrand Partners, another NYT activist investment company, has also proposed a nomination of directors for the board.
On Jan. 25, Harbinger and Firebrand nominated Firebrand Founder Scott Galloway; Allan Morgan, managing director of Mayfield Fund; former AOL executive Gregory Shove, and James Kohlberg, co-founder of private-equity firm Kohlberg & Co, according to the Globe.
NYT CEO Janet Robinson said last month that the company is willing to meet with any of its shareholders to discuss strategy, according to the Globe.