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The New York Times Shares Jump After ValueAct Reveals 7% Stake

Stock Markets Aug 11, 2022 01:37PM ET
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© Reuters. The New York Times (NYT) Shares Jump After ValueAct Reveals 7% Stake
 
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By Sam Boughedda

ValueAct, the San Francisco-based investment company, disclosed a 7% stake in The New York Times (NYSE:NYT) in an SEC filing on Thursday.

The news sent shares of The New York Times over 10% higher.

In the filing, it is said that the activist investment manager believes NYT shares are undervalued and represent an attractive investment opportunity.

Bloomberg reported that ValueAct believes the newspaper company could improve digital sales and margins through a roll-out of its subscriber-only bundles.

According to Bloomberg, a letter sent out by ValueAct to investors said their research “suggests that most current readers and subscribers are interested in the bundle and would pay a large premium for it but are not aware the offering even exists.”

They added that it is an opportunity "management needs to drive with urgency, as it is the biggest lever to accelerate growth."

The New York Times Shares Jump After ValueAct Reveals 7% Stake
 

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