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Harbinger Cut NYT Stake, Again
by Christopher Glynn ,Senior Reporter, November 20, 2009

Harbinger Capital again cut its stake in The New York Times Co.—the holding that made the hedge fund a brand name in the mass media.

Harbinger reported owning less than 15% of the company Thursday. It had owned more than 16% in September.

A successful proxy battle against the newspaper publisher let the hedge fund gain a spot on its board. Philip Falcone, head of Harbinger, had criticized the company as outdated.

Harbinger was a 20% shareholder; a stake that rivaled the Sulzberger family, who have a controlling interest. The fund bought in at $20 a share. The company bottomed at $3.44 a share but is now trading for close to $9.

Harbinger, which managed $25 billion in 2008, lost more than $15 billion in the wake of the global financial crisis. Harbinger has rebounded in 2009 enough to wipe out its 2008 loss.

  
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POSTED BY Christopher Glynn at 11/20/2009 11:09:17 AM
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