Hedge fund Harbinger Capital Partners Funds is seeking to affect change on the New York Times Co. board. Harbinger has teamed with another private investor, Firebrand Partners, to nominate four candidates for election to the board of the New York Times during its 2008 annual meeting. Harbinger and Firebrand own a combined 4.9% stake in the media giant.
Continue reading below
A Sunday letter written by Firebrand chief investment officer Scott Galloway attached to a Monday DFAN14A filing names four Class A director nominees for the New York Times board: Allen Morgan, managing director at venture capital firm Mayfield Fund, Gregory Shove, a former executive at AOL Time Warner and an adviser to Firebrand, James Kohlberg, co-founder of private equity firm Kohlberg & Co., and Galloway himself.
Firebrand and Harbinger hope to drive a "renewed focus on the core assets and redeployment of capital to expedite the acquisition of digital assets," the letter stated.
The private funds' move comes three months after a Morgan Stanley investment fund sold its stake in the New York Times, which ended a two-year campaign for changes at the media company.
