Media Meltdown

Hedge fund activists team up to win seat on NY Times board.

Managers of activist hedge funds Harbinger Capital Partners and Firebrand Partners had high hopes when they teamed up to win a seat on the New York Times Co.’s board of directors in May. The idea was that fresh blood would get the company to sell off some of its many peripheral holdings, beef up its Internet presence and snap out of its slump.

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