The failing NY Times (NYSE:NYT), which long ago abandoned mainstream America, has had one of their largest shareholders cut their stake again in the company, as Philip Falcone’s Harbinger Capital Partners sold off a large portion of their stake in the company, dropping now to a 2.58 percent level. At their highest point they owned a 7.41 percent stake in the faltering Times.
In a required regulatory filing, Harbinger said, “As of November 22, 2010, the Reporting Persons (in this case Harbinger Capital Partners Master Fund I, Ltd.) ceased to be beneficial owners of 5% or more of the outstanding Shares," in the newspaper.
Harbinger said they sold 7 million shares at a price of $8.13 a share for close to $57 million.
New York Times was trading at $8.94, losing $0.07, or 0.78 percent at 2:42 PM EDT.
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