The share prices for New York Times have experienced a significant rise in the share prices due to ValueAct, which is an activist investor. The activist investor has revealed that it has a stake in New York Times, which has pushed the latter’s stock prices in the latest trading session.
ValueAct Reveals 6.7% Stake
It has been revealed by ValueAct that New York Times’ 6.7% stake belongs to the activist investor. Surprisingly, ValueAct did not make the announcement of having a stake in the New York Times itself.
Instead, it was the Securities and Exchange Commission of the United States that made the announcement. ValueAct had recently submitted its filing for the second quarter of 2022 at the US SEC.
In the filing, ValueAct revealed that it has acquired a stake in the New York Times. Right after the announcement, the share prices for ValueAct skyrocketed.
The latest results from the stock trading market showed that the share prices for ValueAct surged by 10%.
New York Times’ Acknowledgement
Following the announcement by the US SEC, multiple market analysts and reports approached the New York Times for their comments.
The officials at the New York Times acknowledged that they are aware that an investment was made by ValueAct. They revealed that they are well aware that ValueAct has acquired a significant stake in the New York Times.
The executives at the New York Times revealed that they followed the usual process they follow when a new entity acquires their stake.
They revealed that when a new shareholder joins them, their management personnel get in touch with them to have a conversation with them. They get in touch with the new shareholder to get their views as well as share their own thoughts about the shareholder.
Shares Acquired by ValuAct
In the filing, ValuAct has confirmed that it has acquired over 11 million shares of the New York Times. The activist investor has also shared its thinking about the New York Times subscriptions.
They have stated that they want the New York Times to offer exclusive bundles to subscribers only.
While the New York Times has openly commented on ValueAct’s stake in their firm, the officials at the activist investor are yet to comment on the news.
New York Times’ Stock Situation
On Friday afternoon, New York Times stock was trading at $35 per share, which was the highest level its stock had hit since mid of May.
As for the year-to-date performance, New York Times stock has dipped 25%. At the time of writing, the overall market valuation of the New York Times sits at $5.85 billion.