Apparently, I’m not the only guy who is less than excited, and perhaps a little bit skeptical, about the prospect of a New York Times pay wall.
The Wall Street Journal reports that Harbinger Capital Partners, which began buying up Times stock two years ago, has sold off a chunk of its considerable stake in the company. Before the sale, Harbinger owned about as much stock as the Sulzberger family–somewhere in the neighborhood of 20 percent. (Harbinger got two seats on the board as a result, but the Sulzbergers still controlled the company because they own a special class of shares.) Now, according to the Journal, Harbinger is down around 16.4 percent.
When Harbinger bought the stock, it was in the $15-20 range. It sank as low as $3.51 earlier this year, but Harbinger got out at about $8.25, thanks to news that advertising might rally sometime soon. We’ll see.