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January 29, 2008

Investor group urging New York Times to buy digtal

By Martin Stabe wirepost

A group of investors yesterday urged the New York Times Company to buy digital companies, and sell

An investor coalition, led by Firebrand Partners and hedge fund Harbinger Capital Partners, holds 4.9 percent of the publishing company and is seeking to elect members to the New York Times board at the next annual meeting.

In a filing to US financial regulators, the group said it planned to make four nominations to the company’s board, particularly individuals with “Internet media” and “capital allocation” experience.

The Independent’s Stephen Foley today writes that the hedge funds’ plans “put The New York Times at the centre of a battle for the future of the newspaper industry“.

Also yesterday, the New York Times announced a free service that allows readers to download the three newest articles from a section of the paper — or the three latest pieces from some columnists — to their mobile phones by sending a text message command.

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