The New York Occasions construction
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Activist investor ValueAct has constructed a 6.7% stake within the New York Occasions, in line with an SEC submitting out Thursday, sending stocks of the media corporate up round 10% in afternoon buying and selling.
“We’re conscious that ValueAct has made an funding within the Corporate,” a spokesperson for the New York Occasions stated in a remark. “As we do with different shareholders, contributors of our control staff have had conversations with ValueAct to listen to their perspectives and percentage ours.”
ValueAct bought greater than 11 million stocks and reportedly desires the scoop group to push additional into subscriber-only bundles, in line with Bloomberg, who first reported the stake.
ValueAct didn’t straight away reply to request for remark from CNBC. The company’s 2018 funding in Citigroup reportedly speeded up the retirement of CEO Michael Corbat.
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