Hedge Funds Buy Up NYT Shares

03/28/2008 02:46 am ET | Updated May 25, 2011

Harbinger Capital Partners is tightening its grip on the New York Times and Chairman Arthur "Pinch" Sulzberger Jr.

The investment firm yesterday raised the stakes in its bid to land four directors on the board of the Times by upping its holdings in the company to just over 19 percent.

Harbinger disclosed the move in a filing with the Securities and Exchange Commission.

It comes less than a week since Harbinger - which along with Firebrand Partners has been aggressively buying up Times stock for the last few months - upped its holdings to 15.61 percent of the company.

In related Sulzberger news, the Post also reported last week:

It still pays to be the boss of The New York Times.

Chairman Arthur "Pinch" Sulzberger Jr. collected $1.09 million in salary last year, as part of a compensation package that also included $846,000 in stock, $69,640 in options and $213,000 in deferred pay, according to a company filing with the Securities and Exchange Commission yesterday.

While his salary is equal to what he collected in 2006, the Times stock ended 2007 down 25 percent from January. The disclosure also comes as the company faces fresh shareholder pressure to juice its lagging stock.

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