With print media said to eventually die down and NYT finding it hard to sell enough ads to generate revenue in order to meet expenses who would have thought that someone would gamble on NYT? But we have some investors who just don’t get pushed back easily and NYT might be lucky enough to have Harbinger Capital Partners boost their stake in the New York Times stocks by buying an additional 50,000 shares. The net worth of these stocks totals to $256,000 saving them $76,000 had they bought the same stocks a few days back (NYT’s stocks closed at $6.64 on Monday). The bad side of the story as reported hi-lights:
Harbinger has been steadily acquiring stock since last winter. And over that stretch of time, it has gotten hammered. In March, it owned 28.3 million shares worth $18.43 each–a 20 percent stake in the company, worth about $521 million. As of yesterday, it owned 28.5 million shares, worth $189 million.
I wonder they why they would put in more cash given how the stocks have plunged over time.
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