NEW YORK (AP) - Dissident shareholder Harbinger Capital Partners has increased its stake in newspaper publishing company New York Times Co. to 11.8 percent, according to a Securities and Exchange Commission filing Tuesday.
Harbinger, working together with Firebrand Partners founder Scott Galloway, a New York University business professor, has criticized the Times for not aggressively building up its digital businesses.
The investors have nominated four candidates for election to the board at the Times' annual shareholder meeting on April 22.
On Tuesday, Harbinger reported owning 16.9 million shares of the New York-based publishing company. Earlier this month, Harbinger disclosed that it had raised its stake to more than 10 percent from 5 percent.
New York Times shares gained 63 cents, or 3.4 percent, to $19.32 in morning trading.
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