Investor group urges NYT buy more digital firms
NEW YORK (Reuters) - An investor coalition that holds just under 5 percent of New York Times Co urged the publisher to spend more money to buy digital companies, according to a regulatory filing on Monday.
The investor group, formed by investment firm Firebrand Partners and hedge fund Harbinger Capital Partners, which collectively own about 4.9 percent of the outstanding shares, also said it was not seeking a change in the company's dual class share structure, according to a filing with the U.S. Securities and Exchange Commission.
The New York Times and media company Media General Inc said on Friday Harbinger is seeking to elect members to their respective boards at the next annual meetings.
On Monday, the group formed by Firebrand and Harbinger said it planned to nominate four board members to the New York Times with Internet media and "capital allocation" experience.
They are Firebrand founder Scott Galloway; managing director of venture capital firm Mayfield Fund Allen Morgan; former AOL executive Gregory Shove; and co-founder of private equity firm Kohlberg & Co James Kohlberg.
"The current board, while impressive in stature, has not been effective in inspiring the requisite bold action this media environment demands," Firebrand's Galloway said in a letter to the New York Times dated January 27 and filed with the SEC on Monday.
(Reporting by Kenneth Li; Editing by Derek Caney)
