- San Francisco-based investment firm, ValueAct Capital Partners LP has acquired a 6.7% stake in New York Times Co (NYSE:NYT), according to a regulatory filing.
- The investment firm has acquired the stake for $350.24 million.
- ValueAct noted that NYT stock is undervalued and represented an attractive investment opportunity.
- The firm will likely bat for the media house to vigorously market its subscriber-only content, the Wall Street Journal reported.
- New York Times is looking to attract young readers by expanding its presence in areas including lifestyle and Games.
- The media house recently acquired the sports-media company the Athletic and digital word game Wordle.
- ValueAct will also discuss with New York Times about having a representative on the board.
- Price Action: NYT shares closed higher by 10.6% at $35.05 on Thursday.
- Photo Via Wikimedia Commons
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