According to an SEC filing, ValueAct has built a 6.7% stake in the New York Times.
The New York Times is aware that ValueAct has invested in the company. Members of the management team have had conversations with ValueAct to hear their opinions.
ValueAct bought more than 11 million shares and is said to want the news organization to push further into subscriber-only bundles.
CNBC requested comment from ValueAct, but they did not reply.
The New York Times added 180,000 digital-only subscribers and 230,000 digital-only subscribers during the second quarter of 2022, reflecting users with more than one subscription to the company's products. The organization has 9.17 million subscribers and over 10 million total subscriptions across print and digital, including 1 million subscribers to The Athletic.
In the second quarter of this year, digital subscription revenue increased by 22%. Digital access to the company's news, cooking offering, and games are included.
The New York Times stock was trading at its highest level in over a month. The stock is down 25% so far this year, and the company has a market cap of over $5 billion.
All Rights Reserved © 2024
