- New York Times ( NYSE: NYT ) is said to have hired an adviser and a law firm firm advice on a possible board challenge from activist investor ValueAct.
- The newspaper giant hired Bank of America and law firm Sidley Austin LLP as ValueAct disclosed a stake in the company on Thursday, according to a Reuters report.
- New York Times shares fell 3.7% in regular trading on Friday after jumping 11% on Thursday after ValueAct reported a 6.7% stake in a 13D filing.
- ValueAct said in the filing that it acquired the shares on its belief that NYT shares are undervalued and it has had and expects to have additional discussions with officers and directors of the New York Times ( NYT ). ValueAct said board composition is one issue it may bring up with the newspaper.
- ValueAct is arguing that the newspaper needs to have a more aggressive rollout of its subscriber-only products such as the Athletic and crosswords and games, according to a letter ValueAct wrote that was viewed by Bloomberg.
- Last Wednesday New York Times ( NYT ) reported second-quarter earnings that bested profit expectations and a double-digit revenue gain that topped consensus.
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New York Times said to hire adviser on possible board challenge from ValueAct